FxWirePro: AUD/JPY Trade Idea

AUD/JPY chart on Trading View used for analysis

FxWirePro Currency Strength Index for AUD/JPY: Bias Bearish
FxWirePro's Hourly AUD Spot Index was at -64.0209 (Neutral)
FxWirePro's Hourly JPY Spot Index was at 120.713 (Bullish)

Technical Analysis: Bias Bearish
- Breaks below 20-DMA and daily cloud
- MACD shows a bearish crossover on signal line and we see -ve DMI crossover on +ve DMI.
- RSI well below 50 levels and Stochs are sharply lower
- Price action below major EMAs which are downward sloping

Support levels - 80, 79.70 (Aug 15 low), 79.37 (lower bollinger band)
Resistance levels - 80.80 (5-DMA), 81.10 (20-DMA), 81.83 (110-EMA), 82

Recommendation: Good to stay short on upticks, SL: 80.80, TP: 80/ 79.70/ 79.45

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.