FXstreet.com (San Francisco) - AUD/JPY pushed sharply below meandering 100, 55 and 21-day EMAs to record fresh 7-day lows on Monday as a surge in risk aversion lifted demand for the Japanese yen.
Investor worries about debt troubles in Spain and Greece hit risky assets across the board, sending AUD/JPY to as low as 80.13 before closing the North American session at 80.39 for a steep loss of around 1.3% on the day.
AUD/JPY now hovers unchanged around 80.40 in early Asia. If bulls attempt to recover losses, the pair may encounter selling interest at 80.73 (200 period EMA, 4-hour), then at 81.05 (100 period EMA, 4-hour). To the downside, support may be found at the 80.00 psychological figure, then at 79.67 (7 June high). In the hours ahead, markets will be eyeing HSBC’s Chinese Flash PMI release for July at 02:30 GMT.
Investor worries about debt troubles in Spain and Greece hit risky assets across the board, sending AUD/JPY to as low as 80.13 before closing the North American session at 80.39 for a steep loss of around 1.3% on the day.
AUD/JPY now hovers unchanged around 80.40 in early Asia. If bulls attempt to recover losses, the pair may encounter selling interest at 80.73 (200 period EMA, 4-hour), then at 81.05 (100 period EMA, 4-hour). To the downside, support may be found at the 80.00 psychological figure, then at 79.67 (7 June high). In the hours ahead, markets will be eyeing HSBC’s Chinese Flash PMI release for July at 02:30 GMT.
