FxWirePro: AUD/JPY recovery lacks traction, stiff resistance seen at 81.85

AUD/JPY chart on Trading View used for analysis

• AUD/JPY is trading 0.30% higher on the day as positive comments from RBA’s Kent buoy Aussie.
   
• The pair has bounced off from 1-month lows at 80.72, but recovery lacks traction.
   
• The pair continues to trade with a bearish bias as long as resistance at 200-DMA at 81.85 holds.
   
• Technical analysis is biased lower. 5-DMA is sharply lower. RSI has slipped below 50 mark and Stochs show bearish momentum.
   
• MACD shows bearish crossover on signal line and we see -ve DMI dominance which supports bearish bias.
   
• Bears target 61.8% Fib at 80.60. Retrace above 200-DMA could see some upside.

Support levels - 81.22 (50% Fib), 80.60 (61.8% Fib), 80

Resistance levels - 81.80 (5-DMA), 81.85 (converged 38.2% Fib and 200-DMA), 82

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