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AUD/JPY chart on Trading View used for analysis
- AUD/JPY has edged higher from session lows at 81.51 and is currently trading at 81.77.
- The pair has dipped below 200-DMA and we see further weakness on cards.
- Risk-off among markets and non-eventful RBA minutes keep the Aussie on the backfoot.
- Technical indicators have turned bearish. Stochs are on verge of rollover from overbought levels.
- MACD is on verge of bearish crossover on signal line and RSI is biased lower.
- The pair finds immediate support at 110-EMA at 81.46, break below will see drag til daily cloud.
- On the flipside, decisive breakout at 200-DMA to see further upside.
Support levels - 81.46 (110-EMA), 81.04 (23.6% Fib), 80.74 (cloud top)
Resistance levels - 81.95 (200-DMA), 82.23 (5-DMA), 82.58 (38.2% Fib)
Recommendation: Stay short below 110-EMA, SL: 81.95, TP: 81, 80.75
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
