AUD/JPY hits 7-day low after RBA minutes release

AUD/JPY clocked a seven-day low of 77.24 after RBA minutes showed policymakers believe easy monetary policy is supportive for growth.

Offered at 5-DMA

The cross was offered at 5-DMA level of 77.78 earlier today following which prices retreated to a session lows. Aussie came under pressure after RBA minutes carried a dovish tone. As of now markets are buying into the dovishness, given the drop in the Aussie.

Meanwhile, the drop in the Dollar-Yen pair below 100.00 levels further adds to the bearish pressure around AUD/JPY cross.  

AUD/JPY Technical Levels

A break above immediate hurdle of 77.96 (50-DMA) would expose 78.68 (Aug 8 high). On the lower side, breach of support at 77.00 (zero figure) would open doors for a test of next support at 76.50 (Aug 2 low).