FxWirePro: AUD/JPY holds support at 55-EMA, bias bearish, break below to see further downside

AUD/JPY chart on Trading View used for analysis

• AUD/JPY has paused downside at 55-EMA support at 81.17. Break below to see further weakness.
   
• The pair is trading in a downward sloping channel and is extending weakness after rejection at channel top.
   
• Technical studies are biased lower, RSI has turned and Stochs have rolled over from overbought levels.
   
• MACD is on verge of bearish crossover on signal line which if completed adds to the bearish bias.
   
• Break below 55-EMA eyes next support at daily cloud. On the flipside, decisive breakout at 200-DMA to see further upside.

Support levels - 81.17 (55-EMA), 81.04 (23.6% Fib), 80.74 (cloud top)

Resistance levels - 81.95 (200-DMA), 82.07 (5-DMA), 82.58 (38.2% Fib)

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