AUD/JPY drops below 85.00 on weak Aussie GDP release

AUD/JPY pair fell to a session low of 84.66 after the data in Australia showed the annualised Q3 GDP was the lowest since 2009.

Supported by 1-hr 100-DMA

The post-GDP bearish move appears to have stalled around the 1-hr 100-DMA seen at 84.72 levels.  The Aussie was offered across the board after the Q3 GDP came-in at -0.5% q/q compared to the expected print of 0.3%.

Meanwhile, the retreat in the Dollar-Yen pair to 114.05 from the session high of 114.31 is also adding to the bearish pressure around the AUD/JPY cross.

It remains to be seen if the drop in the AUD/JPY cross is followed by the losses in the equity markets.

AUD/JPY Technical Levels

A break below 1-hr 100-MA level of 84.72 would open doors for 84.40 (1-hr 200-MA) and 84.00 (zero figure).  On the higher side, breach of 84.89 (1-hr 50-MA) could yield a re-test of 85.32 (session high), above which the recent high of 84.55.