- AUD/JPY rising trendline break signals further downside, but current support is constraining potential moves.
- Hourly indicators have spun out their sell signals quite quickly, bears will be looking for a bounce for possible re-entry.
- Confidence in the Aussie has been shaken to end the current week with missed trade balance figures, both Australian and China; further downside to be expected if market sentiment deflates from the upcoming G7 meeting.
AUD/JPY Chart, 1-Hour
Spot rate: 83.47
Relative change: -0.15%
High: 83.77
Low: 83.38
Trend: Bearish
Support 1: 83.38 (current day’s low)
Support 2: 82.65 (May 31st resistance-turned-support)
Support 3: 81.02 (May low; technical bottom)
Resistance 1: 83.77 (current day’s high)
Resistance 2: 84.06 (June 7th rejection zone)
Resistance 3: 84.53 (current week’s high)
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