Ella 
During the Asian session on Thursday, the AUD/JPY crossed higher for the fourth consecutive day. AUD/JPY is currently trading around 94.70, up 0.01%. The Australian dollar attracted some bulls following the jobs data. However, market expectations that the Reserve Bank of Australia may have ended its interest rate hike cycle may limit the upside for AUD/JPY.
The Australian Bureau of Statistics (ABS) reported on Thursday that Australia’s unemployment rate was 3.7% in August, in line with expectations. Meanwhile, the employment change in August increased to 64,900, compared with consensus expectations of 23,000 and the previous reading of -14,600.
The recent resistance level for AUD/JPY is around 94.82, the upper edge of the uptrend channel. If AUD/JPY breaks through this resistance and there is follow-on buying, it will push AUD/JPY to rebound to the psychological round number mark and the confluence of the August 30 high at 95.00. Next upside resistance is 95.40 (July 14 high), then 95.85 (July 31 high).
On the downside, AUD/JPY will encounter initial support at 94.40 (100 hourly exponential moving average). The next downside support is at 94.30 (lower limit of the downtrend channel). A break below this level would see a drop to 94.00 (September 5 low), then to 93.50 (August 22 low) and finally to around the psychological 93.00 mark.
Notably, the Relative Strength Index remains above 50, which is in bullish territory and supports the bulls for now.
