AUD/JPY sits above 200 hour MA ahead of Aussie wage growth data

• AUD positive technical set up. 
• Focus on Australia Q4 wage growth data. 

The AUD/JPY seems to have formed a base around 84.00 ahead of the Aussie wage growth numbers. 

The currency pair was last seen trading just above the 200-hour moving average (MA) of 84.60. Over the last two weeks, the sellers have persistently failed to push/keep the pair below 84.00 level.

Further, the daily relative strength index (RSI) diverged in the AUD-positive manner. So, the currency pair looks set for a decent corrective rally. 

That said, it all depends on the quality of the Australian Q4 wage growth figures due in about 20 minutes (expected 0.5 percent q/q). A better-than-expected data would add credence to the bullish technical set up and open doors for a move above 85.00. On the other hand, a horribly weak figure could yield a sustained break below 84.00. 

AUD/JPY Technical Levels

A break above 84.99 (Feb. 6 low) would open doors for 85.60 (Feb. 13 high). A close above the same would allow for a stronger gain towards 86.56 (200-day MA). On the downside, breach of support at 84.53 (session low) could yield re-test of 84.00 (psychological level), under which a major support is seen at 83.32 (Feb. 14 low).