Last week demand for the third time tested area 86.30 and again it failed. AUDJPY rebounded and declines are continuing today. Right now price is testing support at 83.40. After its breakout nearest supports are located at 82.00, 79.80.
At daily time-frame we can see consolidation 86.20 – 79.80 where price has moved since the beginning of 2016. Each attempt of break one of that level finished the same day with fast rebound. Confirmation that AUDJPY left side trend will be brought after breakout of one of indicated levels. Further direction of price movement will depend on breakout direction. Right now it is better to focus on range trading. However in a long term it is more likely that price will go down.
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