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AUD/JPY rejected at trendline, good to sell rallies

FX:AUDJPY   Australian Dollar / Japanese Yen
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AUD/JPY extended upside on negative yen fundamentals, but upside was capped at strong trendline resistance at 86.22.

Markets nervous ahead of key central banks’ events along with a fresh batch of economic data lined up for release this week.

Focus remains on FOMC, RBNZ and BOJ monetary policy decision due later this week.

On the data front, China is set to release data on March industrial profits on Wed, while Japanese data on inflation , retail sales and unemployment are due Thurs.

Technicals on 2H charts have a bearish bias, pair on track to tests support at 85.25 levels.

We see a bearish crossover on 5-DMA on 10-DMA, Stochs have rolled over from overbought zone and MACD shows a bearish crossover on signal line.

2H cloud top at 85.14 is strong support, breaks below could see further downside upto 84.65 levels.

Good to sell rallies around 85.60/70, SL: 86, TP: 85.20/85/84.60

Bearish invalidation on breaks above 86.25.
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