With a contraction in Quarterly GDP for Australia recorded this week, there could be a continuation of AUD weakness, however, Iron Orde and LNG prices have been buoyant of late. Equities have been quite bullish this week, leading to JPY weakness, and it could be just about time to see some profit taking on this pair.
The AUD/JPY is showing a regular bearish divergence on 4h timeframe. Rejections off 86.00 could tank the pair down to 84.51 due to divergence and any 4h close below H4 camarilla pivot should cue for further drop towards 84.10. Any spike or close above 86.30 would invalidate this scenario.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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