FxWirePro: AUD/JPY slips below cloud and 110-EMA, outlook bearish
Chart - Courtesy Trading View
AUD/JPY was trading 0.37% lower on the day at 93.07 at around 16:30 GMT.
The pair has slipped below daily cloud and 110-EMA support, raising scope for further downside.
Technical indicators are strongly bearish. Stochs and RSI are sharply lower. RSI is well below 50 and Stochs are in oversold zone.
Volatility is high and rising, major moving averages are trending lower. Price action is below 200H MA.
MACD and ADX support downside in the pair. Chikou span is biased lower. The pair has slipped below 21-week MA.
Support levels - 92.24 (Aug 5th low), 90.16 (200-DMA)
Resistance levels - 93.32 (110-EMA), 94.02 (5-DMA)
Summary: AUD/JPY is extending bearish streak for the sixth straight session. Further weakness on cards. Close below 21-week EMA, will accentuate downside.
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