- AUD/JPY downside gathers pace, sending the pair to multi-week lows at 82.82, 82.50 next target for bears
- Investors seek safer havens away from risk as Asian markets turned risk averse as Monday’s Chinese industrial profits data re-ignited China slowdown fears
- The safe haven Japanese Yen strengthened amid risk aversion, while Aussie, a proxy for China, declined
- Immediate support is located at 82.50 (Sep 8 low), under which the pair could extend losses to 82.20 (Sep 7 low), while resistance is seen at 83.82 (day’s high) ahead of 84.43 (5-DMA)
- Techs point lower, RSI on daily and weekly charts below 50 confirm further downside for the pair
- Due later in the week are ChinaCaixn Manufacturing PMI’s along with NBS Manufacturing data and U.S. Nonfarm Payrolls which could influence the pair
The material has been provided by InstaForex Company – www.instaforex.com