AUD/JPY on track to test 200-DMA, good to short rallies
AUD/JPY recovery capped below 5-DMA at 87 levels, bias bearish.
Technical studies are heavily bearish, RSI and Stochs are sharply lower.
Weekly charts also support downside in the pair. RSI biased lower and below 50-levels.
We also evidence bearish weekly 5-SMA crossover on 20-SMA which adds to bearish bias.
We see scope for test of 200-DMA at 86.01. Violation there could see further weakness.
On the flipside, 20-DMA at 87.63 is strong resistance, break above invalidates bearish bias.
Support levels - 200-DMA (86.01), 85.45 (Aug 11 lows), 84.85 (61.8% Fib retrace of 81.48 to 90.30 rally)
Resistance levels - 87.03 (5-DMA), 87.63 (20-DMA), 87.95 (50-DMA)
Good to go short on rallies around 86.75/90, SL: 87.65, TP: 86/ 85.45/ 84.85.
Technical studies are heavily bearish, RSI and Stochs are sharply lower.
Weekly charts also support downside in the pair. RSI biased lower and below 50-levels.
We also evidence bearish weekly 5-SMA crossover on 20-SMA which adds to bearish bias.
We see scope for test of 200-DMA at 86.01. Violation there could see further weakness.
On the flipside, 20-DMA at 87.63 is strong resistance, break above invalidates bearish bias.
Support levels - 200-DMA (86.01), 85.45 (Aug 11 lows), 84.85 (61.8% Fib retrace of 81.48 to 90.30 rally)
Resistance levels - 87.03 (5-DMA), 87.63 (20-DMA), 87.95 (50-DMA)
Good to go short on rallies around 86.75/90, SL: 87.65, TP: 86/ 85.45/ 84.85.
הערה:
TP2 hit. Bias lower
TP1 hit.