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    AUD/JPY drops as S&P revised Australia outlook to negative Omkar Godbole

    The offered tone around AUD gathered pace, pushing the AUD/JPY cross to a session low of 75.27 after ratings agency S&P revised Australia’s outlook to negative.Off lows, but weakThe cross has recovered from the session low but trades weaker on the day around 75.63 levels. Aussie dollar was on the front foot earlier today on the back of resilience in iron ore and oil prices.The currency took a hit on the outlook downgrade. S&P kept Australia’s sovereign rating unchanged at AAA and revised outlook for Australian government bonds to negative.AUD/JPY Technical LevelsThe immediate resistance is seen at 75.79 (hourly 50-MA), above which prices could target 75.93 (38.2% of 81.58-72.44). A break higher could yield 76.35 (hourly 100-MA). On the lower side, 75.27 (daily low) is a strong support under which prices could test 75.00 (zero figure). A violation there could yield 74.60 (23.6% of 81.58-72.44).  


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