AUD/JPY Technical Analysis: Flirting with pennant breakdown

• The AUD/JPY pair is flirting with pennant support of 83.35, hourly chart shows.
• An hourly close below 83.35 would confirm a breakdown and would open up downside towards 82.60 (50-day moving average).
• The pennant breakdown would also add credence to bullish exhaustion indicated by the long upper shadows of previous three daily candles.

Hourly chart

Spot Rate: 83.35

Daily High: 83.50

Daily Low: 83.35

Trend: Bearish below 83.35

Resistance

R1: 83.69 (July 16 high)

R2: 81.16 (June 12 high)

R3: 84.56 (200-day MA)

Support

S1: 82.86 (10-day MA)

S2: 82.60 (50-day MA)

S3: 82.19 (50% Fib R of 80.69-83.69)