FxWirePro: AUD/JPY struggles to extend downside below 200-DMA, bias neutral

• AUD/JPY is trading a narrow range after the pair was rejected near 83 handle.
   
• The cross failed to hold Chinese PMI-led gains and edged lower, following the release of unimpressive Australian private sector credit data.
   
• Downside however, appears cushioned in the wake of upbeat China’s Markit manufacturing PMI and higher copper prices.
   
• The pair is struggling to extend downside below 200-DMA, intraday bias remains neutral.
   
• The pair finds major trendline support at 82.65 levels, only decisive close below will see further downside.

Support levels - 82.65 (trendline), 82.16 (38.2 % Fib of 72.43 to 88.17 rise), 81.77 (May 18 low)

Resistance levels - 82.86 (200-DMA), 83.06 (1H 200-SMA), 83.35 (20-DMA)

Recommendation: Watch out for break below trendline support at 82.73 to go short.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 68.5648 (Neutral), while Hourly JPY Spot Index was at 144.503 (Bullish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.