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AUD/JPY chart on Trading View used for analysis
- AUD/JPY is trading largely muted on the day. Doji formation seen on the daily candle.
- The pair is consolidating break below 200-DMA and bias remains bearish.
- Technical analysis is biased lower. 5-DMA has turned south.
- RSI has slipped below 50 mark and is biased lower. Stochs show bearish momentum.
- MACD shows bearish crossover on signal line and recovery remains capped below 200-DMA.
- Bears target 61.8% Fib at 80.60. Retrace above 200-DMA could see some upside.
Support levels - 81.22 (50% Fib), 80.60 (61.8% Fib)
Resistance levels - 81.87 (200-DMA), 82, 82.32 (5-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1468702) has hit TP1.
Recommendation: Book partial profits at lows, stay short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
