FxWirePro: AUD/JPY depressed below 21-EMA, decisive break above required for upside continuation

Chart - Courtesy Trading View 

Spot Analysis:

AUD/JPY was trading 0.45% lower on the day at 92.53 at around 08:55 GMT

Previous Week's High/ Low: 94.71/ 91.42

Previous Session's High/ Low: 93.16/ 91.89

Fundamental Overview:

The Japanese Yen found safe-haven bids following the unfortunate news of of ex-Japan PM Shinzo Abe being shot, dragging the pair lower. 

hopes of improvement in the US-China trade relations, as well as easing fears of the recession keep downside limited.

Technical Analysis:

- AUD/JPY trades depressed below 21-EMA

- Momentum is bearish, RSI is biased lower and below 50 mark

- Recovery attempts struggle at 200H MA 

- GMMA indicator is bearish on the intraday charts

Major Support and Resistance Levels:

Support - 92.38 (55-EMA), Resistance - 93.01 (200H MA)

Summary: AUD/JPY capped between 21 and 55 EMAs, breakout will provide a clear directional bias.