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AUD/JPY cracks 84 as risk-off intensifies

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - A sudden bout of selling interest seen around the AUD knocks-off AUD/JPY to fresh three-month lows just below of 84 handle.

    AUD/JPY drops nearly 150 pips intraday

    Currently, the AUD/JPY pair drops -1.54% to fresh three-month lows of 83.96, unable to resist the 84 barrier. The AUD/JPY cross remains relentlessly offered and faced fresh offers around the hourly 5-SMA located at 84.40 levels in the last hours, as the AUD bears took over after the European stocks joined the global sell-off, sparking another wave of risk-aversion into markets.

    Moreover, the yen regained lost ground against the US dollar on souring sentiment and thus, dragged the AUD/JPY crossed towards south. Looking ahead, the cross will continue to track the broader market sentiment ahead of the US dataflow viz., ADP report, trade balance, ISM non-manufacturing PMI and factory orders. However, the FOMC minutes may emerge the main market mover for today.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 85.40 (daily high) and above which it could extend gains to 86.20/39 (5-DMA/ Jan 5 High). To the downside immediate support might be located 83.86 (Oct 1 Low) below that at 83.23/03 (Oct 2 Low/ daily S3).
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