AUD/JPY chart on Trading View used for analysis
- AUD/JPY pauses declines at channel base support at 78.85, bias still bearish.
- Dismal Aussie employment data (Thursday) along with risk-off in markets likely to keep Aussie under pressure.
- The pair is consolidating previous session's slump, trades 0.14% higher on the day.
- Recovery attempts lack traction. Pair capped below 1H 21-EMA. Break above could see minor upside.
- On the flipside, break below channel base could see drag till 78.56 (Oct 26 low) and then 88.6% Fib at 78.17.
Support levels - 78.85 (channel base), 78.56 (Oct 26 low), 78.17 (88.6% Fib)
Resistance levels - 79.70 (78.6% Fib), 79.98 (5-DMA), 80.60 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-JPY-Trade-Idea-1473953) has hit all targets.
Recommendation: Watch out for breach at channel base support for further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.


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