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    AUD/JPY drops to 5-DMA ahead of RBA rate decision Omkar Godbole

    AUD/JPY cross fell to 5-DMA level of 76.90 in Asia, slipping slightly below 50% Fibo retracement level of Brexit drop seen at 77.00.Focus on RBAReserve Bank of Australia (RBA) is widely expected to keep benchmark interest rate unchanged at 1.75%. Investors would scan the policy statement for more clues regarding the next move in rates. Bank’s commentary over the strength in the AUD would be watched out as well.Aussie buyers are on the sidelines ahead of the event, while the bid tone around the Japanese Yen strengthened in Asia, consequently, the cross weakened.AUD/JPY Technical LevelsThe immediate hurdle is seen at 77.30 (Asian session high), above which prices could test 78.09 (61.8% of Brexit drop). A violation there could yield 78.96 (50-DMA). On the other hand, a breakdown of support at 76.90 (5-DMA) would expose 76.36 (previous day’s low). Next major support is seen at 75.93 (38.2% of Brexit drop).  

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