The price is bearish. When its risk-on environment, Commodities prices tend to increase, and traders go long AUD due to that factor.
AUD/JPY Technical Analysis
AUD/JPY is bearish
Clear rejection below M L3
Q H3 should be the target
Connected to equities
Resistance level pinbar
Low
High
Bearish rejection
The price is bearish. When its risk-on environment, Commodities prices tend to increase, and traders go long AUD due to that factor. When commodities prices go up, Stock Markets go up and there is demand for positive swaps on AUD pairs currently as opposed to JPY. When its a risk-off environment, usually the opposite occurs, and as a result, the JPY appreciates as foreign flows from Japan are repatriated back to their local currency. At this point we can see that the market is rejecting. 83.70 is the zone for short trades. Targets are 82.38 and 82.24.
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