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FxWirePro: AUD/JPY finds strong resistance at 85.20, bearish invalidation only on close above

  • AUD/JPY extends gains in the Asian session today after Doji formation on Thursday's candle.
     
  • The pair is up 0.26% on the day, made a day's high of 85.19 and low of 84.91.
     
  • Better-than-expected Australia October housing finance approvals and upbeat China trade balance supports the Aussie.
     
  • Price action capped below converged 20 and 5-DMA at 85.20, we see further upside only on decisive break above.
     
  • The pair has been on a downward spiral since Sept 2017 and we see further weakness on break below 61.8% Fib retrace of 81.48 to 90.305 rally at 84.85.
     
  • Aussie is likely to remain under pressure as the series of weak data continue from Australia.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Aussie-under-pressure-on-weak-trade-balance-data-good-to-short-AUD-JPY-rallies-1046745) is progressing well.

Recommendation: Bias lower, stay short. Bearish invalidation only on close above 85.20.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -110.215 (Bearish), while Hourly JPY Spot Index was at -48.7133 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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