AUD/JPY tests resistance at 7DMA, bears drift in sliding channel

FX:AUDJPY   Australian Dollar / Japanese Yen
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During the course of convincing rallies of AUDJPY             , yesterday bears pulled back at 76.176 levels on daily charts (strong resistance at 7DMA), thereby, bears resume weakness back again to signify long term bear trend's momentum.

While downward sloping Bollinger bands have widened which means one can expect volatility in the next price movements.

On a broader perspective, we see price declines through sliding channel with the considerable volumes in conformity.

You can spot out from the monthly chart that the attempts of breaching supports at 76.184 levels that shows the weakness as it has remained well below EMA curves.

The leading oscillators on both daily & monthly charts have been consistently showing convergence with the prevailing downswings; we believe this as bears are showing more selling interests. RSI is currently trending below around 35 levels that have hampered the momentum in previous rallies.

In addition to that, the stochastic curves boiling up with %K crossover to evidence selling pressures even below oversold zone on monthly charts, while MACD has just entered into the  bearish zone with a bearish crossover that means the downtrend to prevail further.

Thus, it is good to buy one touch binary puts (digital puts) for the targets around 75.000 levels.
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