FxWirePro: AUD/JPY trades weaker for the 4th straight week, hits 11-year low below 64 mark

AUD/JPY chart - Trading View 

AUD/JPY is extending weakness for the 4th straight week and 3rd consecutive month, bias strongly bearish.

The pair failed to hold on to gains on Tuesday and closed 0.38% lower with a 'Spinning Top' formation.

Prices are extending lower on the day, the pair trades 1.33% lower at 63.71 at 11:25 GMT.

Risk-off returns as coronavirus crisis intensifies, the pair is likely to be under further pressure.

As the larger economic impact of the pandemic emerges, further pressure on the pair looks imminent.

Technical studies support further weakness in the pair. Next immediate support is seen at 62.271 (July 2002 low). Test of 58 level likely. 

5-DMA is immediate resistance at 65.02. Break above could see gains till 200H MA  (66.83).

Support levels - 62.271 (July 2002 low), 60.66 (May 2000 low)

Resistance levels - 65.02 (5-DMA), 66.83 (200H MA)