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AUD/JPY drops 1 big figure on AUD sell-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Australian dollar keeps getting battered by the Japanese yen as we progress towards the US opening bells, as markets continue to weigh the latest financial stability report amid ongoing RBA rate cut chatter.

    AUD/JPY drops below daily pivot

    Currently, the AUD/JPY pair drops -0.81% lower at fresh session lows of 86.42, having peaked at 87.32 in early Asia. The AUD/JPY cross was relentlessly sold-off on Friday, largely driven by the massive sell-off in the Australian dollar following the RBA's Financial Stability Review, which highlighted downside risks to the economy’s housing and mortgage sector.

    Further, growing speculation over RBA rate cut next month after poor fundamentals also added to the downside in the Aussie.

    While the USD/JPY pair remains flat-lined around 119 handle awaiting fresh cues from the crucial US data – consumer sentiment and industrial production.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.32 (Today’s High) levels and above which it could extend gains to 88 (round number). To the downside immediate support might be located at 86.05 (Oct 14 Low) below that at 85.67 (50-DMA) levels.
    For more information, read our latest forex news.
     

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