AUD/JPY chart - Trading View
AUD/JPY extends grind lower, hits new 5-month lows at 74.64, more downside on cards.
Poor Australian employment report, heightened expectations of an RBA rate cuts, denting the Aussie.
Further supporting weakness in the pair was escalating geopolitical tensions between the US and Iran.
The paid has failed to hold break above 21-EMA, is now hovering around trendline support at 74.75.
Momentum with the bears, Stochs and RSI sharply lower and RSI well below 50 level.
Volatility is rising as indicated by the widening Bollinger Bands. Scope for dip till 61.8% Fib at 74.54.
Break below 61.8% Fib will see dip till 72.75 (78.6% Fib). Retrace above 21-EMA raises scope for minor upside.
Support levels - 74.75 (trendline), 74.45 (61.8% Fib), 72.75 (78.6% Fib)
Resistance levels - 75.16 (5-DMA), 75.78 (21-EMA), 76
Call Update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1549118) is progressing well.
Recommendation: Hold for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
