FxWirePro: AUD/JPY edges higher from session low at 78.21, good to go short on rallies

• AUD extends slight recovery on the day after being hammered lower last week  on expectations of further RBA easing.
   
• Australia CPI release on Wednesday would be the key determinant of RBA monetary policy stance on August 11th.
   
• AUD/JPY slides along stiff channel top resistance, downside pauses at 20-DMA support by 78.16.
   
• Break below will accentuate weakness, scope for test of 75.60.
   
• Techs are bearish, Stochs and RSI biased lower, MACD is on the verge of a bearish crossover on signal line.
   
• Bearish invalidation only above channel top currently at 80 levels. 
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Recommendation: Good to go short on rallies around 78.60, SL: 79.20, TP: 78.20/ 78/ 77.30