AUD/JPY rejected at 10-DMA

AUD/JPY cross failed to sustain above 10-DMA level of 78.04 in Asia and fell back to 77.90 levels as caution ahead of EU referendum strengthened the bid tone around JPY.

Back below hourly 200-MA

Losses in Asia also marked a failure to sustain above hourly 200-MA level of 78.00. The pair is currently hovering around hourly 50-MA level of 77.92 levels. Falling Brexit bets zapped demand for Yen yesterday, however, caution appears to have seeped into the markets ahead of referendum.

The data docket is thin across Asia and Europe, which means the pair is at the mercy of the overall market sentiment.

AUD/JPY Technical Levels

The immediate resistance is seen at 78.00 (hourly 200-MA), above which the cross could target hurdle at 78.57 (previous day’s high) and 79.00 levels. On the other hand, breakdown of support at 77.50 (5-DMA) would open doors for a drop to 76.77 (June 17 low) and 75.59 (June 16 low).