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FxWirePro: 50-DMA caps upside in AUD/JPY, focus on RBA policy meet

AUD/JPY has been rejected at session highs at 78.19, slips lower to currently trade at 77.69 levels. The pair has broken major trendline support at 78.93, and has slipped below 50-DMA at 78.34. Technical indicators suppo…

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FxWirePro: 50-DMA caps upside in AUD/JPY, focus on RBA policy meet
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  • AUD/JPY has been rejected at session highs at 78.19, slips lower to currently trade at 77.69 levels.
     
  • The pair has broken major trendline support at 78.93, and has slipped below 50-DMA at 78.34.
     
  • Technical indicators support downside in the pair, Stochs point south while MACD shows a bearish crossover on signal line.
     
  • A series of resistance align on the upside at 78.34 (50-DMA), 78.44 (20-DMA), 79.20 (trendline).
     
  • On the flipside, break below 77.30 (June 21 low) opens downside to 75.67 (July 5 low) and then 74.55 (July 6 low).
     
  • Markets await the RBA policy decision due tomorrow for fresh direction on the pair, with the central bank expected to keep rates steady.
     

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