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FxWirePro: AUD/JPY Daily Outlook

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. 
 

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