AUD/JPY offered near 38.2% Fibo

AUD/JPY ran into offers near 75.93 (38.2% of 81.58-72.44) levels and trimmed gains to trade around 75.30 levels.

Yen on the rise, Bearish iron ore forecasts hurt Aussie

The USD/JPY pair breached confluence of Fibo support at 110.68 (23.6% of Brexit drop) – 100.71 (50% of 2011 low – 2015 high) and now trades at around 100.50 levels.

Meanwhile, the AUD/USD pair failed to sustain above 0.75 handle after Australian government revised its 2016 and 2017 iron ore price forecasts lower. Consequently, the AUD/JPY cross fell back to near 75.30 levels and is threatening to dip into the red.

AUD/JPY Technical Levels

The immediate support is seen at 75.18 (previous day’s low), under which the cross could target 74.59 (23.6% of 81.58-72.44). On the higher side, a break above 75.93 (38.2% of 81.58-72.44) would open doors for a re-test of 77.00 levels (50% of 81.58-72.44).