AUD/JPY Fails to Resist Above 80 Yet Again, Risk-Off Weighs

AUD/JPY Fails to Resist Above 80 Yet Again, Risk-Off Weighs

9 June 2016, 06:50
Roberto Jacobs
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AUD/JPY Fails to Resist Above 80 Yet Again, Risk-Off Weighs

A renewed risk-aversion wave gripped the markets this Thursday, knocking-off AUD/JPY sharply lower from above 80 mark on increased bids for the safe-haven yen.

AUD/JPY making lower tops on daily charts

The AUD/JPY pair now drops -0.48% to 79.54, hovering close to fresh session lows struck at 79.66 pre-China open. The recovery in AUD/JPY lost steam ahead of 80 handle and now dives deeper in the red, reverting towards NY lows reached at 79.62.

AUD/JPY (risk barometer) remains submerged in the red as persisting risk-off market profile reinforced by poor Chinese CPI figures bolstered the safe-haven demand for the JPY. While the AUD/USD pair also maintains an offered tone on the back of a minor-correction, following the RBA-led rally.

Looking ahead, the cross will track the broader markets sentiment amid higher oil prices, while the US jobless claims will be eyed for fresh cues on the prices.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 80.15/28 (daily & Jun 8 High) and above which it could extend gains to at 81.04 (50-DMA).To the downside immediate support might be located 79.50/47 (psychological levels/ 5-DMA) below that at 78.98 (daily S2).


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