AUD/JPY breaches major support at 88.40, drop till 87.40 likely
Major trendline support at 88.40 has been breached, we see further downside for the pair, test of 87.38 (38.2% Fib of 81.97 to 90.72 rise) likely
MACD on dailies has slipped below zero, daily Stochs and RSI are also biased lower, Stochs on weeklies also support downside, show bearish crossover from overbought levels.
Immediate resistance is seen at 88.58 (21 DMA) and then at 88.67 (23.6% Fib of 81.97 to 90.72 rise), while supports are located at 88.77 (Nov 19 low) and further below at 87.38 ((38.2% Fib of 81.97 to 90.72 rise).
Recommendation: Good to sell rallies around 88.40, SL: 89.00, TP: 87.40
MACD on dailies has slipped below zero, daily Stochs and RSI are also biased lower, Stochs on weeklies also support downside, show bearish crossover from overbought levels.
Immediate resistance is seen at 88.58 (21 DMA) and then at 88.67 (23.6% Fib of 81.97 to 90.72 rise), while supports are located at 88.77 (Nov 19 low) and further below at 87.38 ((38.2% Fib of 81.97 to 90.72 rise).
Recommendation: Good to sell rallies around 88.40, SL: 89.00, TP: 87.40
Trade closed: target reached
