FxWirePro: AUD/JPY holds support at 20-DMA, good to go short on break below

AUD/JPY chart on Trading View used for analysis

• AUD/JPY trades 0.45% lower on the day at 77.89 at 1000 GMT, bias bearish.
   
• The pair is holding support at 20-DMA at 77.72, break below to see further downside.
   
• Technical indicators on daily charts have turned bearish.
   
• RSI is below 50 and biased lower, while, Stochs are showing a rollover from overbought levels.
   
• Aussie is being offered in response to NAB's decision to hike home loan rates. 
   
• Investors wary the the mortgage rate hikes by major lenders could force the RBA to cut rates this year.
   
• Break below 20-DMA finds little support till lower Bollinger band at 76.17. 
   
• 21-EMA is immediate resistance at 78.34. Decisive close above could see upside till 55-EMA at 79.39.

Support levels - 77.72 (20-DMA), 76.17 (Lower BB)

Resistance levels - 78.34 (21-EMA), 79.39 (55-EMA)

Recommendation: Watch out for break below 20-DMA to go short, target 78.15.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.