FxWirePro: AUD/JPY breaks below 100-DMA, bias lower, good to short rallies

• AUD/JPY has shown a decisive break below 100-DMA at 85.19.
   
• The spot bounces-off a brief dip below 23.6% Fib at 84.46 on Thursday's trade.
   
• Risk-on amid clarity provided on the House vote, boosted UST yields and greenback across the board, weighing on the safe-haven yen.
   
• The pair has broken weekly 20-SMA at 85.28, likely to see further drag.
   
• Momentum studies on daily and weekly charts are biased lower. Bearish invalidation only above 20-DMA at 86.38.

Support levels - 84.46 (23.6% Fib retrace of 72.437 to 88.176 rally), 84, 83.74 (Dec 29 low)

Resistance levels - 85.19 (100-DMA), 85.28 (Weekly 20-SMA), 85.55 (5-DMA), 86, 86.38 (20-DMA) 

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral        
4H          Bullish                Neutral        
1D          Bearish               Neutral        
1W         Bearish               Neutral  
   
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-on-track-to-test-100-DMA-at-85-levels-stay-short-602736) has hit TP1&2.

Recommendation: Book partial profits at lows, stay short for 84/ 83.75.

Fresh shorts can be entered on rallies around 85, SL: 85.60, TP: 84.45/ 84/ 83.75

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -75.6007(Bearish), while Hourly JPY Spot Index was at 30.9823 (Neutral) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.