The selling pressure behind the AUD/JPY cross intensifies in the European session, with the bears now pushing the rate below 77 handle.
AUD/JPY heads towards 5-DMA at 76.87
The AUD/JPY pair, currently, trades +0.44% at 76.93, extending the drop from daily highs of 77.50. The cross in the AUD/JPY is seen receding gains in tandem with the AUD/USD pair, as risk appetite appears to have taken a hit once again amid renewed weakness in the European stocks and oil prices.
While moderate gains seen in the USD/JPY pair offers some support to the cross, as focus now turns towards the speech from the FOMC member Fischer and US economic data due later in the NA session.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 77.25 (50-DMA) and above which it could extend gains to at 77.69 (50-DMA).To the downside immediate support might be located 75.93 (multi-week lows) below that at 75.50 (psychological levels).
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