AUD/JPY More Bearish Below 80 Yen Level
AUD/JPY has been neutral since January, trading between 80 and 86.50. In the short term, pair has turned more bearish, especially after dipping below the key 80 yen mark. The technicals are giving more bearish signals, with the RSI below 50 and the 200 and 50-day moving averages sloping down.
Further declines would target the February low of 77.56. Remaining below the key 80 mark would likely keep the bias more bearish. Prices would need to clear this 80 yen resistance level and the May 11 high of 80.64 to return to a neutral bias. This high is the 23.6% Fibonacci level of the downleg from 90.71 to 77.56 (December to May fall).