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FxWirePro: AUD/JPY rejected at 20-DMA, eyes 61.8% Fib at 74.45

AUD/JPY chart - Trading View 

AUD/JPY trades 0.55% lower on the day at 75.35 at 05:40 GMT, bias bearish.

The pair has resumed weakness after 2-weeks of consolidation.

Recovery attempts were rejected at 20-DMA, Doji formation raises scope for downside.

Momentum studies support further weakness, bears likely to take the pair lower.

Next major bear target lies at 61.8% Fib at 74.45. Lower Bollinger Band at 74.92 could offer some support.

Major trend is bearish. Break above 21-EMA could see minor upside.

Support levels - 75, 74.92 (Lower BB), 74.45 (61.8% Fib)

Resistance levels - 75.68 (5-DMA), 76.10 (20-DMA), 77

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

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