FxWirePro: AUD/JPY extends range trade, finds stiff resistance at 55-EMA and daily cloud

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.28% lower at 68.58 at around 10:35 GMT after closing largely muted in the previous session.

Back to back 'Doji' formations on the daily candles in the previous sessions suggests upside exhaustion.

The pair is finding stiff resistance at 55-EMA and daily cloud, any further upside only on break above.

GMMA indicator shows major trend in the pair is neutral and minor trend is slowly fading upside.

RSI is turning and Stochastics are at overbought levels which raise scope for reversal.

5-DMA is immediate support at 68.54. Break below will see further weakness. Next major support aligns at 21-EMA at 67.33 ahead of 20-DMA at 66.22.

On the flipside, breakout at 55-EMA resistance (69.07) to see next resistance at 61.8% Fib at 70.17 and then 200-DMA at 72.82.

Focus on Australia Westpac Consumer Confidence and Employment data due later in the week for further impetus.