AUD/JPY Price Analysis: Bears sinking in their teeth at critical weekly levels
|- AUD/JPY bears are moving the price to the edge of the abyss.
- 78.50 is a focus for days ahead so long as bears commit below 81 the figure.
The markets are trying to stabilise yet there are plenty of risks weighted to the downside for the cross. the technical outlook, as illustrated below, offers a compelling bearish bias while the price tests critical weekly territories.
AUD/JPY weekly chart
The move and close below the close of the neckline's candle, 81.01, was a significant move last week and leaves a bearish bias for the week ahead.
AUD/JPY daily chart
The daily chart's path of least resistance appears to be to the downside as well. There are two solid resistance structures that the bulls will need to overcome. The bears, on the other hand, are pushing the price to the edge of the abyss where 78.50 comes into reach for the days ahead.
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