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- AUD/JPY hit 2-month lows at 80.02 after RBA rate cut decision.
- The pair is seeing a double whammy after BoJ surprised markets last week with inaction.
- Strong support is seen at 80 levels, break below will see test of 79.20 and then 77.60 levels.
- Techs are supportive for further downside, we see scope for test of 0.7760 levels.
- Resistance on the upside is seen at 81.62 (May 2nd highs), 81.89 (5-DMA) and then 82 levels.
- On the downside supports are located at 79.60 (Feb 24th lows), 79.40 (Oct 2012 lows) and then 78(Lows for the week ended June 16th 2012).
Recommendation: Good to sell rallies around 80.15/20, SL: 80.80, TP: 79.60/79.40/79
