AUD/JPY Technical Analysis: Drops 100 pips, hits 20-day low and looks oversold on intraday charts

AUD/JPY fell to 81.11 - the lowest level since May 30.
The pair could extend losses further on fears the US and China are heading for a long, griding trade war.
However, the pair looks oversold as per the RSO on the 15-minute, hourly and 4-hour chart. So the bearish momentum may weaken.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 81.13

Daily High: 82.09

Daily Low: 81.12

Trend: Cautiously bearish

Resistance

R1: 81.49 (March 5 low)

R2: 82.00 (psychological hurdle)

R3: 82.37 (5-day moving average)

Support

S1: 81.00 (psychological support)

S2: 80.50 (March 23 low)

S3: 80.00 (psychological support)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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