AUD/JPY chart - Trading View
AUD/JPY was trading 0.35% lower on the day at 74.50 at around 06:00 GMT, outlook remains bearish.
The pair has broken support at 110-EMA and technical studies support further weakness.
Price action is extending weakness below daily cloud and 'Bearish divergence' adds to the bearish bias.
Oscillators are strongly bearish and volatility is rising on the intraday charts. MACD is showing a bearish crossover on the signal line.
Break below 110-EMA has raised scope for dip till 200-DMA at 72.75. Hurdles on the way align at 55W EMA at 74.20 and then 23.6% Fib at 74.07.
On the flipside, resistance lies at 110-EMA at 74.84, 20-DMA at 75.25 and then 21-EMA at 75.52.
Imminent rate cut possibility from the Reserve Bank of Australia and risk-off market sentiment support weakness in the pair.
