FxWirePro: Cloud-top capping upside in AUD/JPY, good to sell rallies

Selling pressure in the Aussie intensified following the release of poor Chinese trade data, which showed China trade balance for Feb at +209.5bn vs. +341bn expected and 402.20 previous.

• Risk-off seen across markets as Asian markets turned negative, and markets gave up higher yielding antipodeans in favour of the safe-havens. 
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-sees-major-resistance-at-8360-buy-breakout-above-target-85-171811) has hit all targets.
   
• The pair is now slipping from highs of 85.01 hit on Monday's trade, and we see scope for correction to extend lower.
   
• Cloud-top at 84.96 is strong resistance for the pair, upside in the pair is capped below cloud-top for now. Breaks above could see test of 86.20.
   
• On the downside immediate support is seen at 83.90 (March 7th lows) and then 83.25 (March 4th lows).
   

Recommendation: Book full profits on earlier call and exit trade. Good to enter shorts on rallies around 84.30, SL: 85, TP: 83.90/83.25