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  • The pennant breakdown seen in the AUD/JPY hourly chart validates yesterday’s big inverted hammer candle and indicates a bullish-to-bearish trend change, that is, the rally from the Sept. 7 low of 78.68 has ended.
  • The bearish setup has likely opened up downside toward the 200-hour moving average (MA) support of 81.47.
  • A convincing daily close above 82.00 would signal a revival of the rally from 78.68.

Hourly Chart

Spot Rate: 81.83

Daily High: 81.95

Daily Low: 81.72

Trend: Bearish

Resistance

R1: 81.91 (100-hour MA)

R2: 82.36 (Sept. 21 high)

R3: 82.51 (previous day’s high)

Support

S1: 81.72 (Asian session low)

S2: 81.47 (200-hour MA)

S3: 81.00 (psychological support)