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AUD/JPY smashed on BOJ, commodities slump

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross was dumped heavily on Tuesday, extending its correction from seven-week peaks, on the back of firmer yen as risk-off persists at full steam in Europe.

    AUD/JPY sees a 70-pips brief sell-off

    Currently, the AUD/JPY pair sinks -1.20% to 84.48, hovering close to fresh session lows struck at 84.31 in the last hour. The bears remain relentless and keep pushing the cross lower, as the fresh selling surrounding the oil prices rattled investors’ confidence once again, triggering a renewed risk-aversion wave across the financial markets. Therefore, the yen benefited from the safe-haven flows and weighed down on the cross.

    While the persistent risk-off moods combined steep losses in the gold as well as copper prices, added to the bearish pressure seen around the AUD/USD pair, eventually dragging AUD/JPY deep in the red.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 85/ 85.13 (round number/ 100-DMA) and above which it could extend gains to 86.30 (daily R1). To the downside immediate support might be located 84 (round number) below that at 83.74/21 (daily S3/ 20-DMA).
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