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AUD/JPY drops amid risk aversion in Asia

FXStreet (Mumbai) - The offered tone on the AUD/JPY gathered pace on Tuesday, pushing it to a session low of 83.05 as the Asian markets turned risk averse.

Second day of losses

The pair is down for the second day as confusion regarding the timing of lift-off in the US, coupled with global growth slowdown spooked investors. The safe haven Japanese Yen strengthened amid risk aversion, while Aussie; a proxy for China; declined.

Among the regional indices, the Nikkei index in Japan fell 3.7%, pushing the S&P futures in the US lower as well. Heading into the European session, the pair is likely to track the activity in the major European equity futures.

AUD/JPY Technical Levels

At 83.13, the immediate support is located at 82.99 (Sep 24 low), under which the pair could extend losses to 82.12 (Sep 4 low). On the other side, resistance is seen at 83.80 (daily high) and 84.43 (5-DMA).

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