AUD/JPY smashed below 80 amid risk-off

AUD/JPY halted a two-day rally and dropped sharply in the European session, as negative European equities refuelled demand for the safe-haven yen.

AUD/JPY washes away nearly 80 pips

The AUD/JPY pair now sinks -0.87% to fresh session lows of 79.72 last minutes. The bears remain relentless post-European open, knocking-off AUD/JPY sharply lower, mainly driven by broad yen strength amid persisting risk-off market profile.

The recent selling in the cross can be attributed to the renewed sell-off in the AUD/USD pair as risk currencies take a beating across the board amid sliding European equities and oil prices.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 80/80.17 (10-DMA/ 1h 200-SMA) and above which it could extend gains to at 81 (round number).To the downside immediate support might be located 79.63/53 (1h 100-SMA/ 5-DMA) below that at 78.14 (multi-week low).