AUD/JPY chart - Trading View
AUD/JPY downside pauses at 80 handle, further weakness on cards.
The pair is extending weakness for the 6th straight session, outlook strongly bearish.
Ongoing deterioration in risk appetite amid heightened fears that the accelerated spread of the Delta variant will derail the global economic recovery keep investors wary.
Risk took a further hit when the U.S. blamed Chinese hackers for a cyberattack on Microsoft emails in March.
Investors dump risky assets like the Aussie and chase safe haven plays. AUD/JPY slumps as a result.
Technical indicators for the pair are strongly bearish. Price action is below major moving averages and daily cloud.
Stochs and RSI are biased lower. MACD is in the negative territory and supports downside. ADX also adds to the downside bias.
AUD/JPY has breached 55-week EMA support at 80.32 and is on track to test 50% Fib retracement at 79.47.
