AUD/JPY chart - Trading View
Technical Analysis: Bias Bearish
- AUD/JPY dives over 1.25% lower on the day, bias bearish
- Price action is holding above 83 mark, scope for breach below
- The pair has broken below 21-EMA support, 5-DMA caps upside
- Stochs and RSI are biased lower and RSI has slipped below 50 mark
Support levels - 82.54 (23.6% Fib), 82.00 (55-EMA), 80.74 (38.2% Fib)
Resistance levels - 83.59 (21-EMA), 84.20 (5-DMA), 85.44 (18 Mar high)
Summary: AUD/JPY came under strong bearish pressure on Tuesday amid souring risk. Technical indicators are turning bearish, raising scope for further downside. Commonwealth Bank's Manufacturing and Services PMI reports from Australia (due Wednesday) will be looked upon for fresh impetus. Bears eye 82 mark. Failure to close below 21-EMA will negate any bearish bias.
