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AUD/JPY extends weakness as risk-off returns, near 84.00

FXStreet (Mumbai) - The cross in the AUD/JPY extends losses for the fifth straight session on Thursday as worsening risk conditions on the back of negative performances on the global equities continue to dampen investors’ sentiment.

AUD/JPY at fresh two-week lows

Currently, the AUD/JPY pair trades -0.30% lower at 83.98, hovering close to fresh two-week lows struck at 83.86 in last hours. The AUD/JPY cross ran through fresh offers after the Japan’s stocks accelerated losses, triggering a renewed wave of risk-aversion and thus boosting the safe-haven demand for the yen.

Moreover, the Aussie halted its recovery mode and turned negative as traders gave away higher yielding assets in favour of safe-havens, which further added to the bearish pressure on the AUD/JPY cross.

In the day ahead, the cross is likely to remain influenced by the persisting broader market sentiment ahead of the crucial US durable goods and weekly jobless claim data.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 84.47 (Today’s High) levels and above which it could extend gains to 85.27 (Sept 23 High) levels. To the downside immediate support might be located at 83.29 (Sept 10 Low) below that at 82.48 (Sept 8 Low) levels.

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