AUD/JPY: Bearish Move As Plannes Below M L3 82.38 Is Target

AUD/JPY technical analysis

• AUD/JPY is bearish.
• Clear rejection below M L3.
• Q H3 should be the target.
• Connected to equities.

1. Resistance level pinbar.
2. Low.
3. High.
4. Bearish rejection.

The price is bearish. When it’s a risk-on environment, Commodities prices tend to increase, and traders go long AUD due to that factor. When commodities prices go up, Stock Markets go up and there is demand for positive swaps on AUD pairs currently as opposed to JPY. When it’s a risk-off environment, usually the opposite occurs, and as a result, the JPY appreciates as foreign flows from Japan are repatriated back to their local currency. At this point, we can see that the market is rejecting. 83.70 is the zone for short trades. Targets are 82.38 and 82.24.