FxWirePro: AUD/JPY hovers around 5-DMA, 'bullish divergence' and 'oversold oscillators' hold scope for upside

AUD/JPY chart - Trading View 

AUD/JPY hovers around 5-DMA, pauses 2 straight sessions of upside, bias turning neutral.

The pair was trading 1.09% lower on the day at 63.50 at around 07:00 GMT after closing 1.06% higher on Friday's trade.

Major trend in the pair is bearish, but a 'bullish divergence' and 'oversold oscillators' hold scope for upside.

Australia's government on Monday announced a second major economic rescue package worth $66 billion, on top of an initial $17.6 billion package.

The pair largely unimpressed. Risk aversion continues to drive markets, weighs on the upside.

TIME  TREND INDEX  OB/OS INDEX    
1H          Neutral               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bearish               Oversold    

Support levels - 62.706 (Hourly cloud), 59.869 (Mar 19 low)

Resistance levels - 65.175 (200H MA), 66.238 (38.2% Fib)

Summary: Major trend is bearish, but 'bullish divergence' and 'oversold oscillators' hold scope for minor upside. Watch out for break above 200H MA for further gains.