AUD/JPY breaks below major support at 88.40, drop till 87.40 likely
Our AUD/JPY short call (link below) has reached targets. We see further downside for the pair. Major trendline support at 88.40 has been breached, the pair is now set to test 87.38 (38.2% Fib of 81.97 to 90.72 rise). MAC…
Our AUD/JPY short call (link below) has reached targets. We see further downside for the pair.
Major trendline support at 88.40 has been breached, the pair is now set to test 87.38 (38.2% Fib of 81.97 to 90.72 rise).
MACD on dailies has slipped below zero, daily Stochs and RSI are also biased lower, while Stochs on weeklies shows bearish crossover from overbought levels.
Immediate resistance is seen at 88.58 (21 DMA) and then at 88.67 (23.6% Fib of 81.97 to 90.72 rise), while supports are located at 88.77 (Nov 19 low) and further below at 87.38 ((38.2% Fib of 81.97 to 90.72 rise).
Recommendation: Good to sell rallies around 88.40, SL: 89.00, TP: 87.40
