Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- AUD/JPY was trading 1.30% lower on the day at 92.47 at around 11:45 GMT
- Upside in the pair has fizzled out after inverted hammer formation on the previous week's candle
- Price action has slipped below 200H MA and GMMA indicator shows major and minor trend has turned bearish on the intraday charts
- The pair has broken below 21-EMA support and is currently hovering around cloud top
- Momentum is with the bears, RSI is sharply lower and has slipped below 50 mark
Support levels - 92.43 (23.6% Fib), 91.63 (55-EMA)
Resistance levels - 93.08 (21-EMA), 93.38 (5-DMA)
Summary: AUD/JPY trades with a bearish bias. cloud is offering strong support. Break below will see more weakness. Next major bear target lies at 38.2% Fib at 89.65.
