- AUD/JPY trades a narrow range, the pair is struggling to take out major trendline resistance at 83.15.
- The pair is currently trading below the 83 handle and any break below 5-DMA aupport at 82.81 will see further drag.
- Upside finds series of stiff resistance upto 83.20 levels and only break above could see further upside.
- Technical studies are neutral, close below 5-DMA at 82.76 could see downside upto 81.80 (trendline).
- On the flipside, decisive break above 83.20 could see test of 83.63 (cloud base).
- Violation at cloud base could see test of 84.04 (38.2% Fib of 88.17 to 81.48 fall).
Support levels - 82.87 (20-DMA), 82.81 (5-DMA), 81.80 (trendline)
Resistance levels - 83.09 (200-DMA and 23.6% Fib), 83.61 (cloud base), 84.04 (38.2% Fib)
Recommendation: Watch out for break below 5-DMA to go short.
