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AUD/JPY selling spiral extends, on its way to 80?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The AUD/JPY pair remains offered and prolongs its downward trajectory into a sixth straight session today as global risk-aversion continues to dominate holiday-thinned Asian markets.

    AUD/JPY looks to test 80 handle, near 3-week lows

    Currently, the AUD/JPY pair drops -0.23% to 80.24, hovering close to fresh session lows struck at 80.19 last minutes. The AUD/JPY cross was sold-off into the ongoing strength surrounding the yen as risk-off trades continue to gain momentum amid crashing global equities and oil rout. The dollar-yen pair broke below 113 handle for the first time since Nov 2014 as mounting global growth concerns and uncertainty over Fed’s tightening outlook, despite Yellen’s optimistic comments, continue to weigh on the major.

    While the downside in the cross remains cushioned on the back of moderate gains seen in the Aussie amid a renewed rally witnessed in the gold prices above $ 1200. Markets now await RBA Stevens testimony and US retail sales data due tomorrow, which may provide fresh direction to the pair.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 80.98/81 (1h 50 & 20-SMA) and above which it could extend gains to 81.42/48 (5-DMA/ daily pivot). To the downside immediate support might be located 80.19 (daily low) below that at 79.61/52 (Jan 18 & 15 Low).
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