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AUD/JPY hammered down by Aussie sell-off

FXStreet (Moscow) - AUD/JPY dipped to 97.40 on the back of Aussie weakening during early Asian hours; currently the cross has stabilized around recent lows, but the overall sentiments remain bearish.

Topped out?

It looks like AUD/JPY has topped to at 98.67. The cross has lost more than 200 pips since then even despite JPY weakening across the board. The key driver behind the move is AUD/USD sell-off caused by weaker than expected Westpac Consumer Confidence index and a bunch of technical factors. On Thursday we have an important employment data from Australia. It has a strong market moving potential, thus we might see some positioning ahead of the event. Form the technical point of view the previous week’s low at 97.12 may provide a short-term floor for the cross. The upside is likely to be limited by 98.00.

What price levels and patterns have to be considered?

Spot is presently trading at 97.50, and next resistance can be seen at 97.56 (Weekly Classic S1), 97.62 (Yesterday's Low), 97.73 (Weekly Low) and 97.83 (Hourly 200 SMA).

Support below can be found at 97.41 (Daily Low), 97.35 (Daily Classic S1), 97.13 (Daily 20 SMA), 96.96 (Daily Classic S2) and 96.55 (Weekly Classic S2).

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