AUD/JPY Technical Analysis: Downside calling

• The AUD/JPY hourly chart shows a downside break of the ascending triangle -  a bearish continuation pattern - which indicates a continuation of the sell-off from the recent high of 82.65. Accordingly, the pair looks set to re-test 80.00 (psychological level).
• The ascending triangle breakdown adds credence to the short-term bearish view put forward by the downward sloping 5-day and 10-day moving averages (MA).

Hourly chart

Spot Rate: 80.46

Daily High: 80.55

Daily Low: 80.44

Trend: Bearish

Resistance

R1: 80.63 (June 19 low)

R2: 80.85 (5-day moving average)

R3: 81.61 (10-day moving average)

Support

S1: 80.22 (previous day's low)

S2: 80.00 (psychological level)

S3: 79.21 (Jan 2016 low)