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FxWirePro: AUD/JPY snaps 4-day bullish streak, struggles at 200-DMA resistance

AUD/JPY chart - Trading View 

Spot Analysis:

AUD/JPY was trading 0.51% lower on the day at 80.97 at around 08:50 GMT

Previous Week's High/ Low: 81.65/ 79.83

Previous Session's High/ Low: 81.65/ 81.05

Fundamental Overview:

Markets turn pessimistic after China's technology sector crackdown. Sour risk sentiment weighs on the antipodeans.

Looming covid worries in Australia add to the bearish pressures for the pair as the nation sees no relief from the Delta covid variant flareups.

Further, US-China tensions run high after Beijing imposed sanctions on seven Americans ahead of the bilateral talks.

Technical Analysis:

- AUD/JPY snaps 4-day upside streak, finds stiff resistance at 200-DMA

- The pair closed unchanged on the previous week, with a dragonfly doji formation

- Recovery attempts failed at 200H MA, GMMA shows major and minor trend are bearish

- Momentum is with the bears, price Stochs and RSI are biased lower

Major Support and Resistance Levels:

Support - 80.38 (55-week EMA), Resistance - 81.21 (200-DMA)

Summary: AUD/JPY struggles at 200-DMA. Rejection there will see downside resumption. Scope for test of 50% Fib at 79.47.

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