FxWirePro: AUD/JPY rejects crucial resistance at 82.620, volumes conformity and leading oscillators signal more bearish potential

The break out of baseline on rising wedge evidences bearish swings to drop below 21DMA, the pair is currently rejected a crucial resistance at around 82.620 levels, it seems unable to breach that level.

This APAC pair has consistently been plunging soon after break out of T1 with massive volume build-ups.

More importantly, leading oscillators like RSI and slow stochastic curves began showing divergence with the previous upswings; we believe this as bears are getting active.

Monthly RSI is currently trending at around 37.2223 that is showing downward convergence to the price dips, almost same is the case on daily RSI as there is no convincing signals of oversold pressures.

In addition to that both on daily and monthly charts, slow stochastic curves touch oversold trajectory but there no trace of bullish crossover at all and it gives us one more additional indication that the pair is unlikely to break above mentioned resistance in near terms for sure.

Prices on all time frames slid below 21DMA that keeps us containing more bearish views on this pair, no surprise if it travels southwards for the targets around 75.746.

Thus, any breach of the above stated resistance level (82.620) would bring in the direction of next uptrend but until then we are certainly bias towards south as there is absolutely no signs of reversal signals.