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FxWirePro: AUD/JPY consolidates break below 1H 200-SMA, stay short on upticks

AUD/JPY chart on Trading View used for analysis

  • AUD/JPY is trading 1.03% lower on the day at 78.59 at 0955 GMT.
     
  • The pair has retraced from session highs at 79.81, capped at 110-EMA resistance at 79.78.
     
  • Aussie spiked higher in the Asian session on stellar Australian jobs report.
     
  • However Westpac's RBA rate cut call dented Aussie bulls. AUD came under pressure across the board.
     
  • Westpac - one of Australia's leading banks, expects the RBA to cut rates by 25 basis points in August and November this year. 
     
  • Technical indicators for AUD/JPY have turned bearish on the intraday charts.
     
  • Price action has dipped below 1H 200-SMA and cloud. We also evidence bearish divergence on the hourly charts.

Support levels - 77.63 (Lower BB), 77.44 (Feb 8 low), 77

Resistance levels - 79.04 (55-EMA), 79.78 (110-EMA), 80.89 (200-DMA)

Recommendation: Good to go short on upticks, SL: 79.80, TP: 77.70/ 77.45/ 77

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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