FxWirePro: AUD/JPY holds 50-DMA support, break below to see further weakness

• AUD/JPY halts downside at 50-DMA at 85.16 on Tuesday's trade.
   
• The pair is extending its consolidative mode in the Asian session.
   
• Bias is slightly bearish, break below 50-DMA will see resumption on downside.
   
• We then see scope for test of 83.75 (Dec 29 low).
   
• On the flipside, break above 5-DMA at 86 invalidates bearish bias.

Support levels - 85.23 (50-DMA), 85.00, 84.56 (Jan 6 low)

Resistance levels - 85.77 (20-DMA), 86, 86.11 (5-DMA), 87 (trendline)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish              Neutral       
4H          Bearish              Neutral       
1D          Neutral              Neutral        
1W         Neutral              Neutral        

Call update: We had advised a short call (http://www.econotimes.com/FxWirePro-AUD-JPY-trade-idea-514034). 

Recommendation: Holds for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 28.941(Neutral), while Hourly JPY Spot Index was at 68.5323 (Bullish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.