AUD/JPY dips below hourly 50-MA

The AUD/JPY cross dipped below the hourly 50-MA levels of 84.45 in Asia after having failed near 84.80 levels twice in the last two days.

Double top formation on the hourly chart

The hourly chart shows a double top formation with the neckline support at 84.35 levels.

Australia's October retail sales arrived at +0.5% vs +0.3% exp and +0.6% previous, but failed to keep the AUD/JPY solidly bid. Moreover, the Dollar-Yen is losing height in Asia following a weak closing on the Wall Street. Consequently, the AUD/JPY cross retreated to a low of 84.40 levels.

AUD/JPY Technical Levels

A break below 84.27 (5-DMA) would expose the psychological level of 84.00 (zero figure) under which the losses could be extended to 83.62 (10-DMA). On the higher side, breach of 84.62 (Nov 25 high) could yield a test of supply around 84.85 (Dec 1 high) and 85.00 (zero figure) levels.