AUD/JPY Vulnerable on trade war

In true Trumpian style today the trade war was refreshed with several bew tweets concerning this time the Harley Davidson company, which has shifted some of its production overseas as a result of increased duties. In the forex market the most vulnerable currency pair in global trade concerns and risk appetite is AUD/JPY. 

During the last four months the pair is developing with a range between 84.50 and 80.50 and yet is finding stong resistance and respectively support at these levels. On the four hour time frame the price is developing below its moving averages which are merging around 82.50 and are proving immediate resistance. RSI has lost directional strength around 40. Stochastic retreated from its overbought territory and is showing storng bearish momentum.

When the markets become more influenced by the trade war and thematerial impact on global economic growth, then the pair might breach the bottom boundary of the current range which will lead bears to the long term support line at 76.00. But if the spirits calm down the AUD/JPY pair migt try to break the upper boundary of same range and next bullish target around the long-term resistance at 89.00.