FxWirePro: AUD/JPY Rejected at Strong Trendline Resistance, Good to Sell Rallies
16 May 2016, 08:45
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FxWirePro: AUD/JPY Rejected at Strong Trendline Resistance, Good to Sell Rallies
- AUD/JPY was rejected at strong trendline resistance and currently trades at 79.17.
- The pair recovered sharply from session lows struck at 78.65 in opening trades after dismal Chinese data over the weekend.
- Upside however faces stiff resistance at 79.50 levels, recovery appears to lack momentum.
- Intraday techs support downside, bearish invalidation only above 79.50.
- Major support and resistance are located at 78.18 and 79.50 respectively.
Recommendation: Good to sell rallies around 79.20/25, SL: 79.55, TP: 79/78.80/78.60
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