Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/JPY hovers around 20-DMA, bias lower, stay short

  • AUD/JPY is finding some extra demand amid a relatively positive market sentiment.
     
  • The pair's rebound seems to be capped at 5-DMA at 88.44, bias bearish.
     
  • Price action hovers around 20-DMA support at 88.25, weakness likely on break below.
     
  • AUD/JPY holds above 20-DMA support at 88.27, we see weakness on close below.

  • Technical indicators are bearish, scope for test of test of major trendline support at 87.20.
     
  • The pair is continuing downside along the 'Bullish Cypher' formation on the daily charts.
     
  • Immediate support below 20-DMA lies at 50-DMA at 87.67. Violation at 50-DMA could see drag till 87.20.
     
  • On the flipside, 5-DMA at 88.44 is immediate resistance ahead of trendline at 90.

Support levels - 88.27 (20-DMA), 87.20 (50-DMA), 87.20 (trendline)

Resistance levels - 88.44 (5-DMA), 90 (trendline), 90.30 (Sept 21 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-continues-downside-in-Bullish-Cypher-pattern-eyes-20-DMA-at-8796-good-to-short-rallies-914078) has hit TP1.

Recommendation: Bias lower. Watch out for close below 20-DMA for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -79.0125 (Neutral), while Hourly JPY Spot Index was at -95.3453 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.