AUD/JPY’s rebound from 73.13 continued to lose upside momentum, as seen in 4 hour MACD. Current development argues that near term upside potent is limited even in case of another rise.
Structure of the rebound from 73.13 corrective looking so far. It’s seen as the second leg of the consolidation pattern from 78.46. . Thus, even in case of another rise, strong resistance should be seen around 78.46 to limit upside. Break of 76.55 minor support should start the third leg of the consolidation, through 75.40 support, towards 73.13 support.
