AUDJPY breaches 87.80 (channel base); test of 85.31 likely

FX:AUDJPY   Australian Dollar / Japanese Yen
160 2 5
AUD/JPY             broke and closed below channel base at 87.80 in Friday's trade, could see further lows

On the day, the pair hit session lows of 86.51, but has kept above daily cloud, breaks below into the daily cloud could see further weakness, pair could then test 85.31 (61.8% Fib of 81.97 to 90.72 rise).

Aussie weakness seen, markets completely ignored better than expected China’s macro updates released over the weekend, focus now remains on the Wednesday’s Fed lift-off.

Oil             prices that hover near seven-year lows negatively impacts the LNG             exports from the resource-rich Australia, weighing further on the Aussie.

Immediate support for the pair is seen at 86.51 (Session low Dec 14) and further below at 86.35 (50% Fib of 81.97 to 90.72 rise), while 87.38 (38.2% Fib of 81.97 to 90.72 rise) is next immediate hurdle on the upside.

Bearish invalidation if the pair re-enters channel base at 87.80.

For now we find it good to sell rallies in the pair around 87.30, SL: 87.80, TP: 85.35

Resistance Levels:

R1: 87.38 (38.2% Fib of 81.97 to 90.72 rise)

R2: 87.80 (Channel base resistance)

R3: 88.0 (Nov 17 high)

Support Levels:

S1: 86.51 (Session low Dec 14)

S2: 86.35 (50% Fib of 81.97 to 90.72 rise)

S3: 86.26 (CLoud top)
thanks, same view
very nice~
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