FxWirePro: AUD/JPY pauses downside at 50% Fib support, further weakness on cards

AUD/JPY chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/JPY pauses after 4 straight sessions of downside 

- The pair has formed a Doji on the daily candle at  50% Fib support

- Momentum is bearish, Stochs and RSI are sharply lower

- GMMA indicator shows major and major trend are strongly bearish

- Volatility is high and rising on the weekly and daily charts

Support levels - 79.47 (50% Fib), 78.61 (200-week MA), 77.97 (61.8% Fib)

Resistance levels - 80.16 (5-DMA), 80.83 (21-EMA), 81.73 (200-DMA)

Summary: AUD/JPY trades with a strong bearish bias. Scope for dip till 61.8% Fib at 77.97. Bearish invalidation only above 200-DMA.