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Short

AUD/JPY on track to test 100-DMA at 87.31, stay short on rallies

FX:AUDJPY   Australian Dollar / Japanese Yen
AUD/JPY             extends downside for 2nd consecutive session, breaks below 20-DMA, bias lower.
The Japanese yen             buoyed on robust manufacturing PMI data. Japan Jan Nikkei manufacturing PMI flash increased to 54.4 vs previous 54.
The pair was rejected at major trendline resistance which was tested several times in the past few days.
We see bearish invalidation only on breakout at trendline resistance currently at 89 levels.
Technical studies are turning bearish . RSI is biased lower and Stochs have rolled over from overbought levels.
On the downside, we see scope for test of 100-DMA at 87.31. And violation there could see further downside.

Support levels - 87.65 (34 EMA ), 87.31 (100-DMA), 86.71 (cloud top)
Resistance levels - 88.19 (20-DMA), 88.48 (5-DMA), 89 ( trendline )

Good to go short on rallies around 88.05, SL: 88.50, TP: 87.65/ 87.30/ 87

t/p 's seem reasonable
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