AUD/JPY refreshes intraday low around 83.50 on Aussie jobs report

• AUD/JPY prints downtick as Australia employment data surprises markets.
• Australia Employment Change remained in contraction zone, Unemployment Rate jumped to six-month high.
• Risk appetite adds to the downside pressure but US bank holiday limits intraday moves.

AUD/JPY remains pressured around 83.45 after marking a downtick to refresh the daily low following the Aussie Employment report on early Thursday.

Australia Employment Change dropped below a +50.0K forecast to -46.3K figures, versus -138K prior, whereas the Unemployment Rate jumped past 4.6% previous readouts and 4.7% market consensus to 5.2% in October. It’s worth noting that the Aussie Consumer Inflation Expectations for November jumped past 3.6% prior to 4.6%.

Read: Breaking: Australian jobs report is not looking good for AUD bulls

On the other hand, Japan’s Producer Price Index (PPI) for October rose past 0.3% market forecast to 1.2% on MoM.

In addition to the downbeat Aussie data, the market’s fears of no more easy money from the global central banks, led by the US Federal Reserve (Fed) weigh on the sentiment and the AUD/JPY prices. The rake hike fears elevated after the US reported a 30-year high in the headlines inflation figures.

Also challenging the market’s mood were the concerns over China’s Evergrande reporting the default and the comments from US Trade Representative (USTR) Katherine Tai citing weakness in China’s phase 1 performance.

Although the downbeat Aussie jobs report defies the RBA rate hike concerns and joins the risk-off mood to keep sellers hopeful, an absence of US bond trading restricts the AUD/JPY pair’s recent performance. A light calendar could also be held responsible for the pair’s latest inaction. However, headlines concerning China’s Evergrande and the Sino-American phase 1 deal may entertain the intraday traders.

Technical analysis

Although the cross-currency pair’s early Wednesday gains saved it from a negative daily closing, bearish MACD signals and a sustained following up of the descending resistance line from November 02 keep the sellers hopeful. However, the 200-DMA level near 82.85 becomes a tough nut to crack for the bears before taking entries. Alternatively, a clear upside break of the immediate resistance line, close to 83.65 by the press time, isn’t a green pass to the pair bulls as lows marked during the late October,  surrounding 84.60, adds to the upside filters.