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 -69.9762 (Neutral)
FxWirePro's Hourly JPY Spot Index was at 101.663 (Bullish)

Technical Analysis: Bias Bearish
- Fails to hold break above 200-DMA
- Price action below major moving averages
- Recovery attempts capped below 55-EMA
- RSI below 50, bias lower
- Stochs sharply lower and MACD supports weakness

Support levels - 81 (23.6% Fib and psychological level), 80.72 (Dec 10 low and lower BB)
Resistance levels - 81.82 (200-DMA), 82, 82.20 (Dec 13 high)

Recommendation: Stay short on break below 81, SL: 81.85, TP: 80.75/ 80/ 79.75

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