This article examines USD/JPY and AUD/USD from a fundamental and technical point of view, analyzing the key drivers that could guide the markets and that traders should focus on in the near term.
U.S. economic data released this morning accelerated the greenback’s descent after reinforcing the pullback in Treasury yields. For context, U.S. labor costs showed a surprising contraction in the third quarter, falling 0.8% versus expectations for a 0.7% increase, indicating that wage pressures are easing at a time of rising productivity, an encouraging development for the central bank.
USD/JPY fell on Thursday, extending losses for the second straight day after failing to clear resistance around the psychological 152.00 level earlier in the week. If the decline extends further in the coming sessions, support is seen at 148.75. While the pair may establish a base in this area on a pullback, a breakdown might entice new sellers into the market, potentially resulting in a drop toward 147.30.
AUD/USD has been in a prolonged downtrend, with sharp declines since mid-July, as shown in the chart below. Late last week, however,managed to find support near the 0.6275 area before staging a moderate comeback in the days that followed. This rebound took the pair above trendline resistance and the 50-day simple moving average, creating a more constructive backdrop for the Australian dollar.
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