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AUDJPY- Bouncing off 82.00?
The Australian Employment report last night was a game changer. The final print of 60.9K jobs was a whopping three times the market estimate. Better yet full-time employment exploded at 74K rate indicating that the Australian labor markets remain robust. The news clearly puts the RBA into a neutral state and perhaps even leaves the door open to a tightening bias if labor demand continues at this pace.
Meanwhile, the dollar took a beating on comments from President Trump, who stated his preference for a lower dollar and lower rates. But the move was emotionally driven and USDJPY is now so deeply oversold that it is due for a bounce. All of which provide a good foundation for a rally in AUDJPY as the pair finds strong support at the 82.00 level and could see a rebound towards 84.00 over the next few days.