FXStreet (Mumbai) - The AUD/JPY cross brought an end to an eight day winning streak and dropped sharply in Asia, having failed near 89 handle on Friday. AUD/JPY trades around 5-DMA Currently, the AUD/JPY pair loses -0.47% and drops further to fresh session lows of 88.49, accelerating sharply below hourly 10-SMA. AUD/JPY ran through offers this session mainly driven by heavy selling seen in AUD/USD after last week’s rally, as markets resorted to profit-taking ahead of the Fed announcement due later in the NY session. The cross failed to find support from the ongoing weakness in the yen versus the greenback and trades with size-able losses heading into a data-busy week for both AUD as well JPY. While Fed announcement tonight will shed more light on the Fed interest rates outlook in the showdown to the Dec 17 FOMC meeting. AUD/JPY Technical Levels To the upside, the next resistance is located at 88.66 (Oct 12 High) and above which it could extend gains to 89.06 (Nov 20 High). To the downside immediate support might be located 88.07/88 (1h 100-SMA/ psychological barrier) below that at 87.66 (1h 200-SMA). For more information, read our latest forex news.