FxWirePro
Short

AUD/JPY closes below 200-DMA, more downside on cards

FX:AUDJPY   Australischer Dollar/Japanischer Yen
Aussie trades weaker across the board on dismal retail sales and trade data.
The antipodean muted as RBA kept interest rates unchanged as expected, offered little surprises.
AUD/JPY             closed below 200-DMA             . Technical studies are bearish , we see scope for further weakness.
RSI and Stochs are biased lower. We also see -ve DMI dominance and ADX is rising to support trend.
The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at 85.50.
Violation at 85.50 ('Triangle Base') will see scope for weakness till 84.66 (Dec 7 low).
We see bearish invalidation only on breakout at 200-DMA             at 86.50 levels.

Support levels - 85.50 (Triangle Base), 85.36 (78.6% Fib retrace of 84.349 to 89.089 rally), 84.66 (Dec 7 low)
Resistance levels - 86.16 (61.8% Fib retrace of 84.349 to 89.089 rally), 86.50 ( 200-DMA             ), 86.92 (5-DMA)

Good to short rallies around 85.50/60, SL: 86.25, TP: 80/ 84.70/ 84.35
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