- The AUD/JPY hourly chart shows a downside break of the ascending triangle – a bearish continuation pattern – which indicates a continuation of the sell-off from the recent high of 82.65. Accordingly, the pair looks set to re-test 80.00 (psychological level).
- The ascending triangle breakdown adds credence to the short-term bearish view put forward by the downward sloping 5-day and 10-day moving averages (MA).
Hourly chart
Spot Rate: 80.46
Daily High: 80.55
Daily Low: 80.44
Trend: Bearish
R1: 80.63 (June 19 low)
R2: 80.85 (5-day moving average)
R3: 81.61 (10-day moving average)
Support
S1: 80.22 (previous day’s low)
S2: 80.00 (psychological level)
S3: 79.21 (Jan 2016 low)