AUD/JPY Price Analysis: All eyes on two-week-old support line ahead of Aussie employment report

• AUD/JPY remains depressed near the lowest in one week after breaking below 100-bar SMA the previous day.
• RBA’s Lowe offered additional burden to the pair ahead of the key Australian jobs data.
• An ascending trend line from September 29 offers immediate support amid bearish MACD.
• A confluence of 200-bar SMA and 50% Fibonacci retracement level becomes the key resistance.

AUD/JPY drops to 75.24, down 0.13% intraday, during the initial hours of Thursday’s Asian session. The pair recently weighed down by the dovish comments of RBA Governor Philip Lowe. In doing so, the quote stays heavy below the 100-bar SMA.

Read: RBA Lowe: Cash rate not expected to be raised for at least 3-years

It should, however, be noted that the cautious sentiment ahead of Australia’s September month Employment Change and Unemployment Rate limits the pair’s further downside near the 12-day-old upward sloping trend line. Though, bearish MACD and likely disappointing outcome of the jobs report suggest additional weakness of the AUD/JPY prices.

Read: Australian Employment Preview: September job losses to flag RBA rate cut

That said, the sellers will eye the monthly bottom surrounding 74.90 on a clear downside break of the 75.20 support line. Further, the September 25 high near 74.60 can also act as an intermediate filter during the quote’s declines towards the September month’s low around 74.00.

Meanwhile, 100-bar SMA and 38.2% Fibonacci retracement of the pair’s August-September downside, respectively near 75.35 and 75.70, can restrict AUD/JPY bounce.

However, buyers may get interested in the quote if it manages to cross a joint of 200-bar SMA and 50% Fibonacci retracement level around 76.20.

AUD/JPY four-hour chart

Trend: Bearish