AUD/JPY erodes 80-pips on awful Aus current account, RBA - key

After a brief period of upside consolidation around 82.75 levels, the AUD/JPY cross met fresh supply and was aggressively sold into bad Australian current account, which stoked concerns over the GDP numbers due on the cards tomorrow.

AUD/JPY: Bears eye a break below 82 handle

The Aussie was badly hit by the Aus current account data release, which showed a big miss on the net exports as a % of GDP component and hence, market believe could weigh down on the upcoming Australian GDP data.

More so, the latest leg down can be also attributed to fresh Yen buying across the board, as the JPY bulls continue to cheer upbeat Japanese cash earning data, which rose at the fastest pace in four months.

Further, risk-off market profile amid weaker Asian stocks and oil prices, boost the safe-haven flows for the Yen, collaborating to the downslide in the cross. All eyes now remain on the RBA policy decision due later this session.

Technical Levels

Higher side: 82.89/83.04 (20 & 50-DMA), 83.50 (psychological levels), 84.14 (200-DMA)

Lower side: 81.92/91 (key support), 81.71 (multi-week low), 81.43 (Apr 19 low)