AUD/JPY: Continues to trade in a long-term downtrend
|Technical
Weekly: The pair is trading in a long-term downtrend. There is a sequence of lower lows and lower highs that began in May 2017. Downtrend resistance is located at 84.35.
Daily: Holding within a bearish corrective channel formation. Levels close to the 61.8% pullback of 78.80 (from 83.89-70.58) have found sellers. Trend line resistance is located at 81.04, close to the 78.6% pullback level.
Intraday (4-hours): Price action continued to range between key support & resistance (79.84 - 77.44) although we expect a break of this range soon. The medium-term bias remains bearish. As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels. We have a 61.8% Fibonacci pullback level of 78.92 from 79.84 to 77.40. Expect trading to remain mixed and volatile
Action:
We look to Sell at 78.90
Stop: 79.50
Targets: 77.50 and 75.20
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