AUD/JPY bears look to support near to 80.50 for the day ahead.

Bulls need to get back above 80.90 to hold off the pressures.

The price of AUD/JPY has been forming a bearish engulfing candle in the last hour which would be expected to be followed by bearish price action and a low in the next candles. The current structure and the candlesticks formation might guide Australian Dollar versus Japanese Yen towards 61.8% fibo retracement level 79.88 and 50% fibo retracement level at 80.23. But according to the elliot wave pattern, we can still be in a form of hawkish correction with wave C still pending and wave B trying to form itself near the 61.8% and 50% fibo retracement levels. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

For the bullish trend to occur, we would require Australian Dollar versus Japanese Yen to break out of our bearish channel at 81.70 and further the existing exponential moving averages 50 and 200 in the daily time frame. The market can fall lower towards 80.23 and 79.88, formation of a strong bullish candle above the aforementioned can be taken as a hawkish projection - sooner to take place. On the bearish side, we need AUDJPY to break below the 79.88 support zone to extend its losses towards 79.30 and towards the lower trend line of the dovish channel. Also there are chances of the pair to provide us with a touch down at 78.88. But for the aforementioned to take place, we require and impulsive bearish dive below the 61.8% fibo level. 

AUDJPY Attempting to Conquer 82.44

Dec 15 2021

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