AUD/JPY chart - Trading View
- AUD/JPY is extending weakness for the 4th straight week, bias bearish.
- Volatility is expanding on the weekly and daily charts. Price action is below cloud and major moving averages.
- Momentum highly bearish, Stochs and RSI are sharply lower. Oscillators are at oversold levels, so some pullback expected.
- We recommend using upticks to go short in the pair. Next bear target lies at 61.8% Fib at 74.45.
- While 5-DMA at 77.26 is immediate resistance. Break above could see gains till 21-EMA at 78.31.
Support levels - 76.4050 (Lower BB), 75.65 (50% Fib), 74.45 (61.8% Fib)
Resistance levels - 77.25 (5-DMA), 78, 78.31 (21-EMA)
Recommendation: Stay short on upticks, SL: 78.35, TP: 76.40/ 75.65/ 74.50
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
