AUDJPY has been in a bearish trend, forming lower lows and lower highs. Currently, it is ranging in a tight set range in a bearish trend and can continue moving down towards the next support level. After the breakout of this support, we will take the short position. Either on the retest, or on the impulse. The price for our shorts would be 90, continuing all the way to 88.50. 

The ascending trendline has broken out for sells and has been validate by the market. This validation has triggered the bearish sentiment across the pair.

There is no retracement indication on the pair as of now.

EMA 50 is bullish right now. Given that the market is just retracing for another bearish impulse, EMA 50 has to potential to be broken out. If not, we can use this EMA as our profit target.

RSI is at 68. It needs to fall in the over bought region and create a bearish divergence from where, it can dive down again.

Overall trend is bearish for AUDJPY

Apr 13 2023