FxWirePro: AUD/JPY recovery lacks traction, good to stay short on upticks

AUD/JPY chart - Trading View 

• AUD/JPY is trading at 78.110, up 0.40% at 1130 GMT.
   
• The pair was rejected at 110-EMA and is extending weakness.
   
• Price action has slipped below 50-DMA and has broken into daily cloud.
   
• Momentum is with the bears, upside in the pair lacks traction.
   
• Immediate resistance is seen at 5-DMA at 78.49, break above eyes 50-DMA at 78.69.
   
• On the flipside, weakness till cloud base at 77.11 likely. Break below cloud will see further weakness.

Support levels - 77.44 (Feb 8 low), 77.11 (cloud base), 77

Resistance levels - 78, 78.50 (5-DMA), 78.69

Recommendation: Good to stay short on upticks at 78.20, SL: 78.70, TP: 77.50/ 77.15

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