FxWirePro: AUD/JPY extends range trade for the 2nd straight session, downtrend remains intact

AUD/JPY chart - Trading View 

• AUD/JPY is extending range trade for the 2nd straight session, bias remains bearish.
   
• The pair is in a near-term downtrend and we do not see any signs of reversal.
   
• That said, oscillators are in highly oversold territory which raises scope for some correction from lows.
   
• The pair hit new 2019 lows at 75.73 on Monday's trade and is since consolidating around 76 mark.
   
• Price action is flashing red for the 5th straight week. No reprive from the bears. 
   
• Volatility rising on the weekly charts as the pair extends decline after rejection at 55W EMA.
   
• Next major support lies at 75.25 (trendline), breach there will see dip till 61.8% Fib at 74.45.
   
• Immediate resistance is seen at 76.32, break above eyes 21-EMA at 77.65.

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