AUD/JPY – Technical Analysis for Australian Binary Options Brokers
Japan – Household Spending
Today, at GMT 11:30 p.m., the Japanese Statistics Bureau will release the year over year Household Spending figure, which measures the inflation adjusted value of all expenses by the Japanese consumers.
Australian Binary options investors consider the household consumer spending to be a leading indicator of a country’s economic health. This is because the amounts spent by consumers have a ripple effect on the overall economic activity in the country.
Last month, the year over year Japanese Household Spending figure decreased by 2.3% and the forecast for this month is currently set at an additional increase of 0.8%
Australia – Private Sector Credit
On Thursday, at GMT 1:30 a.m., the Reserve Bank of Australia will release the month-over-month Private Sector Credit data, which measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.
Binary options traders consider the private sector credit to be an important fundamental indicator of the Australian economy as borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.
Last month, the private sector credit in Australia increased by 0.6% and the forecast for this month is currently set at an increase of 0.5%.
AUD/JPY Forecast
Since early May 2017, the AUD/JPY has remained very bullish and formed a well-respected uptrend line in the process. However, after breaking below the uptrend line on July 31, the pair had a sharp bearish retracement. For the last two weeks, the AUD/JPY remained mostly range bound, where the 87.00 level has acted as a major resistance to any upside potential.
As the Australian private sector credit is estimated to grow by an additional 0.5%, but the Japanese house holding spending is expected to grow by only 0.8% against last month’s 2.3%, we believe it would set a bullish fundamental outlook for the AUD/JPY this week. Therefore, if the AUD/JPY breaks above the 87.00 level, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 87.00.
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