AUD/JPY Forecast & Technical Analysis for binary options
Japan – Unemployment Rate
On Thursday, at GMT 11:30 p.m., the Japanese Statistics Bureau will release the national unemployment rate. It measures the percentage of the total workforce which remained unemployed over the past month.
Binary brokers consider the unemployment rate to be one of the most important fundamental indicators of the Japanese economy. It is because one of the main goals of the Bank of Japan is to keep unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Japan came out at 2.5%. This month, analysts are expecting it to come out slightly higher, at 2.7%.
Australia – Private Sector Credit
On Friday, at GMT 1:30 a.m., the Reserve Bank of Australia released the month-over-month Private Sector Credit data. It 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. Because 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 1.1%. The forecast for this month is currently set at an increase of 0.6%.
AUD/JPY Forecast
The AUD/JPY remained mostly range-bound since the start of April. During the last two months, the price fluctuated between 67.50 and 70.15. Last week, the AUD/JPY broke above the resistance around 70.15. Earlier today, it tested the 70.15, which now acted as a support. Currently, it is trading near this key pivot zone.
The Australian private sector credit is set to increase by 0.6%. On the other hand, the Japanese unemployment rate will likely go up to 2.7% due to the COVID-19 situation. We believe it would set a bullish fundamental outlook for the AUD/JPY this week. Therefore, if the AUD/JPY continues to trade above the support near 70.15, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major support level around 70.15.
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