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FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/JPY was trading 0.40% lower on the day at 90.11 at around 11:40 GMT.

- Price action has resumed weakness after a brief pause, scope for further downside

- The pair has slipped below daily cloud and 55-week EMA

- Stochs and RSI are sharply lower and bearish RSI divergence adds to the downside bias

- GMMA indicator shows minor trend has turned bearish, while major trend is neutral

Support levels:

S1: 89.75 (Rising trendline)

S2: 88.35 (Lower W BB)

Resistance levels:

R1: 90.83 (5-DMA)

R2: 91.38 (21-EMA)

Summary: AUD/JPY trades with a bearish bias. Scope for test of trendline support at 89.75. Retrace above daily cloud will negate any further downside. 
 

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