Our overall near-term outlook for AUDJPY remains bearish but the loss of momentum during past 3 trading days indicate some possibilities of some extended sideways move and even some upward consolidation before another fall takes place.
On the upside we expect resistance near May 24th’s high of 79.18. This level also represents the 22-day EMA resistance. Any decisive break over this may bring some further upward consolidation towards 80.20. Any break over this level will make our short-term outlook neutral and for further consolidation towards the 55-day EMA resistance i.e. 81.15.
On the downside a break below 76.86 should bring frequent supports because of the approaching psychological ranges of 75.00 and we expect a slow downward momentum. The expected supports are 76.40 and then 76.20 before a test of 76.00. With a decisive break below 76.00, the currency pair should try to test the psychological support of 75.00/75.20.
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