- 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
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)