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AUD/JPY snaps two-day winning streak as S&P 500 futures drop

  • AUD/JPY is reporting losses, following the two-day winning streak.  
  • Risk aversion in the stocks could be driving the anti-risk JPY higher.  

AUD/JPY is flashing red in Asia, having gained ground in the previous two trading days.  

The JPY cross is feeling the pull of gravity, possibly due to fading US-China trade optimism, as indicated by the 0.37 percent drop in the S&P 500 futures.  

Shares in Hong Kong and Australia are also down, while Japanese and Chinese stock markets are lacking a clear direction, helping the anti-risk JPY gain ground.  

As of writing, AUD/JPY is trading at 79.34, having hit a high of 79.67 earlier today.  

Looking ahead, the currency pair could drop to the 50-day MA, currently at 79.11, as the hourly RSI has dipped into bearish territory below 50.00. The losses could be much deeper if the risk aversion worsens.

AUD/JPY Technical Levels


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