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  • The AUD/JPY pair suffered a descending channel breakdown earlier today, signaling a continuation of the sell-off from the weekly high of 82.48.
  • The 50-hour, 100-hour, and 200-hour exponential moving averages (MAs) have rolled over in favor of the bears and the 50-hour and 200-hour EMAs have also produced a bearish crossover. Further, the MACD is signaling that bearish move is gathering pace.
  • As a result, the pair looks set to test the support of the trendline drawn from the Sept. 23 low and Sept. 7 low, currently seen at 80.86.

Hourly Chart

Spot Rate: 81.10

Daily High: 81.43

Daily Low: 81.04

Trend: Bearish

Resistance

R1: 81.32 (50-day EMA)

R2: 81.63 (resistance as per the hourly chart)

R3: 81.76 (100-hour EMA)

Support

S1: 80.83 (trendline support)

S2: 80.63 (June 19 low)

S3: 80.14 (61.8% Fib R of 78.68/82.51)