AUD/JPY breaks support at 75.35, short rallies
AUD/JPY rejected at session highs bt 75.88 , fell back to near 75 levels and is threatening to dip further into the red.
Yen on the rise, while bearish iron ore forecasts for 2016/17 by Australian government hurt Aussie.
On the 4-hourly charts. AUD/JPY has broken major trendline support at 75.35, bias lower.
We see scope for test of 74.55 levels, break below could see next support at 74.15.
Momentum on the daily charts is also bearish, invalidation of bearish bias only on break above 76.30.
Good to sell rallies around 75.30/40, SL: 75.90, TP: 75/74.55
Yen on the rise, while bearish iron ore forecasts for 2016/17 by Australian government hurt Aussie.
On the 4-hourly charts. AUD/JPY has broken major trendline support at 75.35, bias lower.
We see scope for test of 74.55 levels, break below could see next support at 74.15.
Momentum on the daily charts is also bearish, invalidation of bearish bias only on break above 76.30.
Good to sell rallies around 75.30/40, SL: 75.90, TP: 75/74.55