The Aussie has been gaining strength against the Japanese Yen since late November. Although the bullish movement was stopped by the weekly pivot point at 88.89 level.
The pair already breached past the 23.60% Fibonacci retracement level and was slowly heading south. This movement is likely to be stopped by the combined support of the weekly and monthly PP levels near the 86.94 mark. The retracement can be measured by connecting the November low at 84.37 and the January high at 89.10.
Regarding the short-term, the bear is likely to continue growing stronger until it breaks the junior pattern’s upper trend line.
