FxWirePro: AUD/JPY bearish bias intact, on track to test 50-DMA at 78.14, stay short
Thursday, November 3, 2016 5:45 AM UTC
- AUD/JPY dumped to fresh 3-week lows of 78.48 after reports of gunshots at a US naval base in Japan intensified risk-off.
- The pair has slipped below 20-DMA at 79.19 and we see scope for further downside.
- Techs are bearish, Stochs and RSI are biased lower, bearish MACD line crossover on signal line seen.
- Next major support for the pair lies at 78.14 (50-DMA), violation there could see test of channel base at 77.30.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-forms-shooting-star-bias-lower-short-break-below-20-DMA-378949) is progressing.
- TP1 hit. Recommend holding for targets.