FxWirePro: AUD/JPY extends downside after rejection at cloud top

AUD/JPY is extending downside for the second consecutive day.

• Cloud-top at 84.96 is strong resistance for the pair, upside in the pair is capped below cloud-top. Breaks above could see test of 86.20.
   
• Price action has slipped below daily cloud and sees next strong support at 83.00 levels. Breach of support could see test of 82.68.
   
• Our call (http://www.econotimes.com/FxWirePro-Cloud-top-capping-upside-in-AUD-JPY-good-to-sell-rallies-174347) is progressing.
   
• Target:1 is achieved at 83.90
   

Recommendation: Hold for further downside, bearish invalidation only on breaks above 85.