- AUD/JPY resumes its bearish trend in wake of renewed JPY buying amid risk-off and BOJ’s status-quo.
- The pair has broken below 5-DMA and is currently hovering around major trendline support at 85.65.
- Break below will see test of 85 levels.
- Technical indicators indicate downside, ADX supports trend lower on hourly charts.
Support levels - 85.65 (trendline), 85.17 (50-DMA), 85.00, 84.56 (Jan 6 low)
Resistance levels - 86, 86.11 (5-DMA), 87 (trendline), 86.21 (1H 20-SMA)
TIME TREND INDEX OB/OS INDEX
1H Bearish Oversold
4H Bearish Neutral
1D Bearish Neutral
1W Neutral Neutral
Recommendation: Good to go short on break below 85.65, SL: 86, TP: 85/ 84.56
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 9.0944 (Neutral), while Hourly JPY Spot Index was at 131.321 (Highly bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
