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AUD/JPY heavily offered on China stocks slump

FXStreet (Mumbai) - The AUD/JPY cross remains heavily offered in the European session, mainly driven by the weakness in the Australian dollar versus its American rival.

Supported above 20-DMA

Currently, the AUD/JPY pair drops -0.45% to 86.63, retreating from 86.40 session lows. The AUD/JPY cross ran through fresh seller at 137.30 levels in the early European morning and dropped nearly 1 big figure subsequently, before recovering now to 86.65 region.

The cross came under renewed selling pressure after the Australasian dollar was sold-off into the Shanghai composite slump (-3.50%) and falling copper prices.

On the other hand, the weakness in the Japanese currency versus the greenback on the back of increased speculations surrounding BOJ easing next week, keeps the downside in AUD/JPY cushioned.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 87.19/24 (h1 200-SMA + Oct 19 High) levels and above which it could extend gains to 87.53 (Oct 15 High). To the downside immediate support might be located at 86.24/25 (Oct 19 Low + 20-DMA) below that at 86.05/86 (Oct 14 Low + round number) levels.

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