AUD/JPY: Testing resistance at 80.35; selling rallies preferred
The hourly chart still looks bearish overall so selling rallies is my preferred tactic given recent events. An hourly high and 38.2% retracement level near 80.30 is currently being tested but there are more resistance levels not far away. The bearish hourly trend-line coincides with a 50% retracement near 80.50 and the 61.8% pullback sits near an hourly high at 80.65.
With regional economic sentiment on the slide and commodity prices turning soft, I prefer the sell rally strategy here.