FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Neutral

- AUD/JPY was trading 0.34% higher on the day at 93.35 at around 12:15 GMT.

- The pair has bounced off 50-DMA and cloud top support, further weakness only on break below

- A Doji formation on Tuesday's candle suggests strong buying at lows and reluctance of bears to take the price lower

- Major trend as evidnced by the GMMA indicator is bullish, but near-term bias is still bearish

- MACD is on verge of bearish crossover on signal line, which if confirmed will drag the pair lower

Support levels:

S1: 92.35 (50-DMA)

S2: 91.59 (55-EMA)

Resistance levels:

R1: 93.87 (5-DMA)

R2: 94.68 (200H MA)

Summary: AUD/JPY finds strong support at 50-DMA and cloud top, but bullish reversal only on decisive break above 5-DMA.