FxWirePro: AUD/JPY consolidates break below 200-DMA, bias lower

AUD/JPY chart on Trading View used for analysis

• AUD/JPY is trading largely muted on the day. Doji formation seen on the daily candle.
   
• The pair is consolidating break below 200-DMA and bias remains bearish.
   
• Technical analysis is biased lower. 5-DMA has turned south.
   
• RSI has slipped below 50 mark and is biased lower. Stochs show bearish momentum.
   
• MACD shows bearish crossover on signal line and recovery remains capped below 200-DMA.
   
• Bears target 61.8% Fib at 80.60. Retrace above 200-DMA could see some upside.

Support levels - 81.22 (50% Fib), 80.60 (61.8% Fib)

Resistance levels - 81.87 (200-DMA), 82, 82.32 (5-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1468702) has hit TP1.

Recommendation: Book partial profits at lows, stay short.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.