AUD/JPY Technical Analysis: Flirting with pennant breakdown
|- The AUD/JPY pair is flirting with pennant support of 83.35, hourly chart shows.
- An hourly close below 83.35 would confirm a breakdown and would open up downside towards 82.60 (50-day moving average).
- The pennant breakdown would also add credence to bullish exhaustion indicated by the long upper shadows of previous three daily candles.
Hourly chart
Spot Rate: 83.35
Daily High: 83.50
Daily Low: 83.35
Trend: Bearish below 83.35
R1: 83.69 (July 16 high)
R2: 81.16 (June 12 high)
R3: 84.56 (200-day MA)
Support
S1: 82.86 (10-day MA)
S2: 82.60 (50-day MA)
S3: 82.19 (50% Fib R of 80.69-83.69)
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