FxWirePro: AUD/JPY Near-Term Outlook

AUD/JPY chart - Trading View 

AUD/JPY slips lower after rejection at 21-EMA, bias has turned bearish.

The pair was trading 0.70% higher on the day at 65.49 at around 08:50 GMT, after closing 1.41% lower in the previous session.

Major trend in the pair is strongly bearish as evidenced by GMMA indicator. Minor trend is turning bearish.

Price action has slipped below 200H MA, 5-DMA has turned south. RSI is below 50 and biased lower.

Recovery from multi-year lows has been capped at 21-EMA and the pair has resumed weakness.

Next immediate support lies at 23.6% Fib at 63.80 ahead of lower Bollinger Band at 62.50.

5-DMA is immediate resistance at 65.90. Break out at 21-EMA could see minor upside.

Support levels - 63.80 (23.6% Fib), 62.50 (Lower BB)

Resistance levels - 65.90 (5-DMA), 66.71 (21-EMA)