Break of support will catalyst AUDJPY for a further decline towards the lower support at the price of 92.20. This means, the trend is still bearish and we need to continue taking the bearish moves on the impulse. That being said, we will wait for the market to retest the support turn resistance and will look for a bearish position or candle printing at the level for continuing down.

The ascending trendline has been broken out for sells earlier and has been solidly validated as well.

There is no retracement condition on this setup right now.

The EMA 50 is still bearish and might retest the prices at the resistance level where we will confluence with multiple technical factors as well.

RSI is at 31 which needs to tap the 50 level in accordance with other technical factors. Therefore, we will wait for the market to retrace back at the area for the market to form alliance of multiple factors for us to pin down for a bearish move.

Support on the verge of breaking

Sep 23 2022