FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USCAD and EURJPY) for the day)
FxWirePro: AUD/JPY plunges below daily cloud, eyes 200-DMA
Chart - Courtesy Trading View
AUD/JPY was trading 1.06% lower on the day at 92.17 at around 07:20 GMT.
The pair has broken below daily cloud, raising scope for further downside.
GMMA indicator shows major trend is neutral, while minor trend has turned bearish.
Volatility is high and rising, momentum is with the bears, further weakness on cards.
The pair has refreshed monthly lows below 93 mark, is on track to test 200-DMA support at 90.21.
5-DMA caps upside at 93.39. Bearish invalidation on retrace above daily cloud.
Major Support Levels:
S1: 91.42 (July low)
S2: 90.21 (200-DMA)
Major Resistance Levels:
R1: 93.30 (110-EMA)
R2: 94.65 (55-EMA)
Summary: AUD/JPY trades with a bearish bias. Scope for test of 200-DMA at 90.21.