audjpy3007AUD/JPY, the fear gauge, tumbles in tandem with the risk appetite, as markets remain nervous amid devastating German Q2 GDP numbers and ahead of the US Q2 GDP report. The cross also tracks the sell-off in the S&P 500 futures, which are down 0.80% around 3225, at the press time.

Besides the unfavorable fundamentals, the technical outlook on AUD/JPY also remains bearish, with the further downside likely on the cards. The pair has charted a classic rising channel breakdown on the hourly sticks, calling for a test of the pattern target of near 74.50. Any pullback is likely to be short-lived and could face immediate hurdle at 75.14, the pattern support-turned-resistance.