FxWirePro: AUD/JPY finds strong support at 21-EMA, weakness likely on break below

AUD/JPY chart - Trading View 

AUD/JPY was trading largely rangebound on the day at 75.28 at around 06:55 GMT, with session high at 75.41 and low at 75.12.

The pair is retreating from multi-month highs at 76.87 hit on July 22nd trade. 21-EMA is currently offering strong support at 74.99.

Global rating agency Fitch while revising down its credit outlook for Japan to negative, refrained from cutting the A+ credit grade of the Asian major.

The pair is extending sideways from the past 3 sessions. Comments from the BOJ’s Amamiya will be the key to watch for price action.

Major trend in the pair is bullish. Also, a 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) supports upside.

Break below 21-EMA will see minor weakness. Bounce off 21-EMA support and break above weekly cloud will see test of 61.8% Fib at 78.67.

Support levels - 74.99 (21-EMA), 74.12 (50-DMA)

Resistance levels - 76.87 (July 22 high), 78.67 (61.8% Fib)