AUD/JPY Technical Analysis: Bear flag breakdown seen in hourly chart

• The AUD/JPY hourly chart shows a bear flag breakdown - a bearish continuation pattern, which indicates a resumption of the sell-off from the June 13 high of 83.99.
• The pair could find acceptance below immediate support of 81.00 and drop towards the recent low of 80.63 (June 19 low).

Hourly chart

Spot Rate: 81.05

Daily High: 81.42

Daily Low: 80.97

Trend: Bearish

Resistance

R1: 81.13 (May 9 low)

R2: 81.42 (session high)

R3: 81.86 (10-day moving average)

Support

S1: 81.00 (psychological support)

S2: 80.50 (March 23 low)

S3: 80.00 (psychological support)