AUD/JPY chart - Trading View
- AUD/JPY edges lower from session highs at 78.48 and is currently trading at 78.36 at 1100 GMT.
- Upside is capped at a downward sloping 5-DMA which is currently at 78.54.
- Also, no breakthrough between US/China trade talks keeps the antipodeans depressed.
- While on the otherside, risk-aversion in the markets keeps safe haven demand for the yen.
- The major is ranging sideways since Jan 2019, between 79.84 and 77.44. Breakout of channel will provide clear directional bias.
- Technical bias is slightly bearish. We see bearish 5-DMA crossover on 21-EMA.
- We see scope for dip till daily cloud. Break below cloud will accentuate downside.
- Immediate resistance is at 5-DMA. Bearish invalidation likely above 110-EMA.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
