- AUD/JPY’s daily chart shows an ascending channel breakdown.
- Key indicator shows the bearish momentum is about to gather pace.
AUD/JPY fell 0.48% on Thursday, confirming a downside break of an ascending channel represented by trendlines connecting March 19 and May 18 lows and March 25 and June 5 highs.
The rising channel breakdown validates the lower high of 75.09 created on June 16 and indicates bearish reversal – the uptrend from the March low has ended and the bears have regained control.
The daily chart MACD histogram, too, is reporting bearish conditions with a negative print. The indicator is beginning to produce deeper bars below the zero line, a sign the downward move is about to gather pace.
The pair risks falling to the 200-day simple moving average support at 72.25. A close above the June 16 high of 75.09 is needed to put the bulls back into the driver’s seat.
Daily chart
-637281250819575542.png)
Trend: Bearish
Technical levels
Share
