FxWirePro: AUD/JPY edges higher from session lows at 83.14, bias lower, stay short

• AUD/JPY has broken below major trendline support at 83.75. A close below will accentuate weakness.
   
• Scope then for test of 200-DMA at 81.80. Bearish invalidation only on close above 5-DMA at 84.06
   
• Data released earlier today showed Japan Consumer Confidence Index came in at 43.9, above expectations (43.5) in March.
   
• Weekly charts remain highly bearish, RSI and Stochs steeply inclined lower.
   
• Aussie meanwhile to find some support from mostly resilient commodity prices and no RBA interest rate hike priced in by markets.

Support levels - 83.16 (Nov 28 low), 82.16 (38.2% Fib retrace of 72.43 to 88.17 rally), 81.79 (200-DMA)

Resistance levels - 84, 84.46 (23.6% Fib) 84.48 (5-DMA), 85, 85.46 (100-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-breaks-major-trendline-support-at-8375-eyes-200-DMA-stay-short-625055) has hit TP1.

Recommendation: We recommend holding for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -50.5917(Bearish), while Hourly JPY Spot Index was at 35.6004 (Neutral) at 9000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.