FxWirePro: AUD/JPY Rejected at Strong Trendline Resistance, Good to Sell Rallies

FxWirePro: AUD/JPY Rejected at Strong Trendline Resistance, Good to Sell Rallies

16 May 2016, 08:45
Roberto Jacobs
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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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