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FxWirePro: AUD/JPY Trade Idea

AUD/JPY chart - Trading View 

AUD/JPY capped at 21-EMA, intraday bias bearish.

Momentum with the bears, Stochs and RSI sharply lower and RSI well below 50 level.

Volatility is rising as indicated by the widening Bollinger Bands.

Stochastics RSI is rolling over from overbought levels which suggests downside for oscillators.

The pair finds strong support at 74.75 (falling trendline), break below will see further weakness.

Next immediate support lies at 74.45 (61.8% Fib), break below will see dip till 72.75 (78.6% Fib).

5-DMA is immediate resistance at 75.34. Break above 21-EMA will see minor upside.

Support levels - 74.75 (trendline), 74.45 (61.8% Fib), 72.75 (78.6% Fib)

Resistance levels - 75.34 (5-DMA), 75.78 (21-EMA), 76

Recommendation: Good to go short on upticks, SL: 75.40, TP: 74.45/ 74/ 72.75

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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