AUD/JPY chart - Trading View
- AUD/JPY recovery lacks traction, price rejected at session highs at 77.23.
- The pair is extending weakness for the 4th straight week, bias remains bearish.
- Volatility is expanding on the weekly and daily charts. Price action is below cloud and major moving averages.
- Momentum highly bearish, Stochs and RSI are sharply lower. Oscillators are at oversold levels, so some pullback expected.
- Price action hovers around strong trendline support at 76.65, break below will accentuate weakness.
- Next major bear target lies at 61.8% Fib at 74.45. Failure to close below trendline support at 76.65 could see minor bounce.
- Break above 5-DMA at 77 could see gains till 21-EMA at 78.17. Bearish invalidation only above 200-DMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1534565) has hit TP1.
Recommendation: Book partial profits at lows, hold for further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
