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FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- AUD/JPY was trading 0.55% lower on the day at 89.62 at around 13:10 GMT

- Price action has slipped below 55-EMA, upside remains capped at 21-EMA

- RSI is biased lower, is now below the 50 mark, Stochs are flat

- MACD supports downside. GMMA indicator shows major trend is neutral, while minor trend is turning bearish

Support levels:

S1: 88.27 (Cloud base)

S2: 88.01 (110-EMA)

Resistance levels:

R1: 90.03 (55-EMA)

R2: 90.66 (21-EMA)

Summary: AUD/JPY trades with a bearish bias. Scope for test of cloud base support. Break below cloud will plummet prices. 

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