FxWirePro: AUD/JPY dips below 200-DMA, stay short on decisive break below 110-EMA

AUD/JPY chart on Trading View used for analysis

• AUD/JPY has edged higher from session lows at 81.51 and is currently trading at 81.77.
   
• The pair has dipped below 200-DMA and we see further weakness on cards.
   
• Risk-off among markets and non-eventful RBA minutes keep the Aussie on the backfoot.
   
• Technical indicators have turned bearish. Stochs are on verge of rollover from overbought levels.
   
• MACD is on verge of bearish crossover on signal line and RSI is biased lower.
   
• The pair finds immediate support at 110-EMA at 81.46, break below will see drag til daily cloud. 
   
• On the flipside, decisive breakout at 200-DMA to see further upside.

Support levels - 81.46 (110-EMA), 81.04 (23.6% Fib), 80.74 (cloud top)

Resistance levels - 81.95 (200-DMA), 82.23 (5-DMA), 82.58 (38.2% Fib)

Recommendation: Stay short below 110-EMA, SL: 81.95, TP: 81, 80.75

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