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27.05.201612:55 Forex Analysis & Reviews: Technical analysis of AUD/JPY for May 27, 2016

Long-term review

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AUD/JPY is moving down and this tendency is likely to continue. The pair broke below the descending channel and found resistance at the channel breakout point R2 (80.55)

At the same time, the price broke below the 38.2% Fibs support, which now is acting as a resistance and could be a starting point of the downtrend continuation.

Consider selling AUD/JPY at the current rate (79.20) targeting either S1 (77.50) or S2 (74.70) as a final target. The stop loss should be just above R2.

Support:77.50, 74.70

Resistance: 79.20, 80.55, 81.90

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