The bearish movement is dominating the AUD/JPY pair since late January. The currency pair breached the lower boundary of a dominant channel and is currently heading south.
Given that the rate broke the previous pattern, a new junior pattern has been drawn to trail the price movement. In the meantime, technical indicators favour the currency exchange rate to continue plummeting south.
As for the near future, the Aussie is likely to continue trading in the channel down until it finds support at the weekly pivot point at 83.54
