FXStreet (Córdoba) – A weak aussie pushed AUD/JPY sharply to the downside on Friday. The pair dropped from 95.62 and bottomed at 94.53, slightly above monthly lows.
The pair is about to post the lowest daily close in a month but still managed to hold above the 94.50 area that is a key support, that capped the decline several times in May and also in June.
AUD/JPY outlook
Despite falling almost a hundred pips on Friday, the pair is still moving sideways in a range with resistance around 96.00 and support above 94.50. The mentioned support is under pressure, particularly after the price dropped below the daily 55-SMA today for the first time since late April.
The Australian dollar dropped on Friday weakened by global uncertainty and a sharp decline in Chinese stocks.
(Market News Provided by FXstreet)