FxWirePro: AUD/JPY holds 21-EMA support, break below to see dip till 200-DMA

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.44% lower on the day at 73.33 at around 12:00 GMT, after closing 0.36% higher in the previous session.

The pair is extending pullback from 12-month highs at 76.788 hit on June 8th and indicators show scope for further weakness.

Momentum studies are bearish, Stochs and RSI and are sharply lower. MACD has made a bearish crossover on signal line.

Price action is above cloud, but Chikou Span has turned bearish, suggesting downside.

Bears have tested 23.6% Fib and are holding support at 21-EMA at 73.23. Break below will see next major support at 200-DMA.

Violation at 200-DMA will see major weakness. Dip till 50% Fib retracement at 68.32 then likely.

Major Support - 72.24 (200-DMA)  

Major Resistance - 75.70 (110W EMA)