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FxWirePro: Sell AUD/JPY rallies around 84, tests of 81.95 likely

Friday, February 5, 2016 9:44 AM UTC

AUD/JPY was rejected by strong falling trendline resistance on 29th Jan, 1st and 2nd Feb trades.
We expect retrace to 81.95 levels which is 61.8% Fib retrace of 79.21 to 86.36 rally.
Hanging man formation evidenced on the uptrend (79.21 to 86.36) on Feb 1st when price action tested falling trendline resistance.
Techs support further downside, Stochs on daily charts show bearish crossover from overbought levels and RSI has turned lower from near 60 levels.
Next immediate support on the downside is seen at 83.63 levels (38.2% Fib retrace of 79.21 to 86.36 rally), while resistance lies at 84.68 (23.6% Fib retrace of 79.21 to 86.36 rally).

Recommendation: Good to sell rallies around 84, SL: 84.90, TP: 83/82.85/81.95

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FxWirePro: Sell AUD/JPY rallies around 84, tests of 81.95 likely

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