- The AUD/JPY fell to 80.03 on Monday – the lowest level since November 2016 – and could suffer deeper losses over the next few weeks.
- Today’s close will likely confirm a downside break of the 4.5-month-long bear flag – a bearish continuation pattern – which indicates the sell-off from the January high of 88.42 has resumed.
- The bearish view would be aborted if the cross finds acceptance back inside the flag.
Daily chart
Spot Rate: 80.10
Daily HIgh: 80.77
Daily Low: 80.03
Trend: Bearish
R1: 80.50 (March 23 low)
R2: 80.70 (resistance of the lower end of the flag pattern)
R3: 81.18 (daily pivot point)
Support
S1: 80.00 (psychological level)
S2: 79.80 (daily chart pivot support 2)
S3: 78.42 (daily chart pivot support 3)
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