AUD/JPY breaks below channel base, good to sell rallies
AUD/JPY has broken below channel base support at 86.70 and is currently trading at 86.40, down around 1.5 % this session till now.
Daily Stochs and RSI are biased lower, channel base breach opens to 85.31 68.1% Fib retrace of 81.97 to 90.72 rise.
The Japanese Yen is seen as a beneficiary of safe haven flows today as soft Caixin China Mfg PMI dents risk appetite, while the Antipodeans are struggling to make a comeback.
Immediate support is seen at 86.21 (Dec 18 lows), while resistance on the upside is located at 86.86 (Sept 18 high).
We find it good to sell rallies around 86.70 levels, SL: 87.55, TP: 85.40
Daily Stochs and RSI are biased lower, channel base breach opens to 85.31 68.1% Fib retrace of 81.97 to 90.72 rise.
The Japanese Yen is seen as a beneficiary of safe haven flows today as soft Caixin China Mfg PMI dents risk appetite, while the Antipodeans are struggling to make a comeback.
Immediate support is seen at 86.21 (Dec 18 lows), while resistance on the upside is located at 86.86 (Sept 18 high).
We find it good to sell rallies around 86.70 levels, SL: 87.55, TP: 85.40
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