AUD/JPY ends four-day winning streak

Offered tone around Aussie gathered pace, ensuring the AUD/JPY pair snapped a four-day winning streak.

Rejected at 79.00 handle

The pair was rejected at the psychological level of 79.00 on Wednesday and retreated to a low of 78.57 levels. It is worth noting that thebullish tone in the cross had run out of steam at a high of 79.13 in September. Thus, the area around 79.00 handle has becime a stiff resistance zone.

Ahead in the day, the cross could take cues from the broader market sentiment and US weekly jobless claims number.

AUD/JPY Technical Levels

Acceptance above 79.13 (Sep high) could yield a rally to 79.42 (76.4% of Brexit day high-low), where a violation woulde open doors for 80.00 levels. On the other hand, breach of 78.09 (61.8% of Brexit day high-low) would shift risk in a much deeper retracement to 77.53 (Sep 21 high) and 77.00 levels.