The AUD/JPY cross extends its bearish run into a fourth day this Tuesday, with the bears relentless on the back of persistent risk-off market profile.
AUD/JPY tests 83.00
The AUD/JPY pair now drops -1.80% to 83.11, having struck fresh one-month lows at 83.06 last minutes. The Australian dollar remains heavily battered against its Japanese counterpart this session, as lower oil prices combined with RBA’s concerns over the recent AUD appreciation continues to dampen the sentiment around the cross.
Moreover, the ongoing strength in the Japanese yen against the greenback amid increased flight to safety as the European stock join the global sell-off, also adds to the downside in the AUD/JPY cross. Attention now shifts towards a slew of US economic releases due later in the NY session.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 84.64/74 (Daily high/ 100-DMA) and above which it could extend gains to at 85.04/14 (5 & 20-DMA). To the downside immediate support might be located 83 (1-month low) below that at 82.59/50 (Mar 3 Low/ psychological levels).