AUD/JPY hits two-month lows

Spike in Yen demand and the weakness in the Aussie following the release of the Australia jobs report pushed the AUD/JPY cross to a two-month low of 75.97.

Offered around 5-DMA

An early spike ran into offers around the 5-day moving average level of 76.70. Demand for the Japanese Yen spiked despite Japan’s Hamada stating the availability of room for further monetary stimulus.

Meanwhile, offered tone around AUD gathered pace as well following the release of the downbeat Aussie jobs report. Consequently, the cross fell to a two-month low of 75.97.

AUD/JPY Technical Levels

The pair currently trades around 76.17. A break below immediate support at 75.59 (June 16 low) would expose support at 75.00 (zero figure) and 74.55 (July 6 low). On the higher side, breach of resistance at 76.39 (previous day’s low) would open doors for a revisit to 76.70 (5-DMA) and 77.00 levels.