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FxWirePro: AUD/JPY upside stalls, good to sell rallies around 84.20

Pair unable to extend gains beyond 86.35 levels which is also 61.8% Fib retrace of 90.72 to 79.21 fall.

  • Pair rejected at strong trendline resistance on Tuesday, sees big slump.Spinning top formation evidenced when price action reached falling trendline resistance.
     
  • The following Technicals indicators support further downside:
    - Stochs on daily charts show bearish crossover from overbought levels
    -
     RSI has turned lower from near 60 levels and points south 
  • Minor support is seen at 83.60 levels, breaks below could see falls upto 82.85 levels.
     

Recommendation: Good to sell rallies around 84.20, SL: 84.90, TP: 83/82.85

 

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