AUD/JPY breaks strong trendline support, good to sell rallies

FX:AUDJPY   Australian Dollar / Japanese Yen
316 0 11
AUD/JPY             under heavy selling pressure in Asia, dented by risk-off across markets.

Selling in the Nikkei 225             which was down over 3%, (adding pressure on Yen crosses).

The pair printed a day low of 85.78 and has since pared some losses to currently trade around 85.92.

Downside has seen breach of strong trendline resistance at 85.98, price action below hourly cloud and 5-DMA support at 85.95.

Stochs and RSI on daily charts are biased lower, price action on hourly converges with momentum indicators.

Immediate resistance and supports are seen at 86.55 and 85.46 (10-DMA) respectively.

Good to sell rallies around 85.90/86, SL: 86.55, TP: 85.60/85.35/85.20
Trade active: All targets hit, momentum heavily bearish.

Pair holding support at 85.0, breaks below will see 84.30.

Book partial profits, lower stops to 85.50, target 84.70/84.30
Trade active: All targets hit. AUD/JPY @ 83.86, on track for 83.

Lower stops to 84.20, target 83.20/83
Trade closed: target reached: The pair has hit all targets.

Has edged higher after hitting lows of 82.80 on Tuesday's trade.

Pair closed above cloud-top on Tuesday (which is strong support.).

Breaks below could see further downside. We recommend booking full profits.
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