AUD/JPY breaks 'Double Bottom' at 81.48 raising scope for further weakness.
The pair is extending break below weekly cloud, bias highly bearish.
Safe-haven yen demand on heightened trade war concerns as China lashes out against US in trade wars keeps the pair subdued.
Momentum indicators highly bearish. -ve DMI dominance adds to bearish bias.
Bears now target 61.8% Fib retracement of 72.437 to 90.305 rally at 79.26.
On the flipside, retrace and close above 'Double Bottom' at 81.48 invalidates bearish bias.
Support levels - 80.50 (session low), 80, 79.26 (61.8% Fib retracement of 72.437 to 90.305 rally)
Resistance levels - 81.48 (Double Bottom), 81.57 (5-DMA), 81.94 (61.8% Fib)
Good to go short on rallies around 81, SL: 81.60, TP: 80.50/ 80/ 79.70/ 79.25
The pair is extending break below weekly cloud, bias highly bearish.
Safe-haven yen demand on heightened trade war concerns as China lashes out against US in trade wars keeps the pair subdued.
Momentum indicators highly bearish. -ve DMI dominance adds to bearish bias.
Bears now target 61.8% Fib retracement of 72.437 to 90.305 rally at 79.26.
On the flipside, retrace and close above 'Double Bottom' at 81.48 invalidates bearish bias.
Support levels - 80.50 (session low), 80, 79.26 (61.8% Fib retracement of 72.437 to 90.305 rally)
Resistance levels - 81.48 (Double Bottom), 81.57 (5-DMA), 81.94 (61.8% Fib)
Good to go short on rallies around 81, SL: 81.60, TP: 80.50/ 80/ 79.70/ 79.25