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FxWirePro: AUD/JPY slips below 200-DMA, on track to test 61.8% Fib at 77.97

AUD/JPY chart - Trading View 

AUD/JPY slumps over 1.25% on the day and was trading at 78.33 at around 09:25 GMT, outlook bearish.

The pair has slipped below 200-week MA and a weekly close below will reinforce bearish bias in the pair.

The Aussie has largely brushed aside an upbeat Australia jobs data and remains depressed amid falling commodity prices.

Thursday's report from the Australian Bureau of Statistics (ABS) showed the jobless rate slid to 4.6% in July, better than analysts' expectations at 5.0%.

Technical indicators are biased lower. GMMA indicator shows major and minor trend are strongly bearish.

Volatility is high and rising and momentum is strongly bearish. A potential 'Death Cross' on the daily charts raises scope for further weakness.

The pair is on track to test 61.8% Fib at 77.97. Failure to close below 200-week MA could see sideways consolidation.
 

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