Currency Pair: AUD/JPY
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis
As risk trends continue to dictate price action in the forex market, the technical outlook favors a bearish forecast for the AUDJPY. After falling to a low of 55.08 of 10/27, the pair jumped to a high of 70.53 on 11/4, but the lack of momentum to push higher has held the pair in a downward trend. At the beginning of the week, we saw the pair move towards 62.85 (50.0% Fib retracement level), but the failure to break above this level suggests that the pair will move lower over the remainder of the week. Moreover, the divergence from the 120 SMA should drag the pair lower over the next few hours of trading, and may work its way towards the moving average by the end of the session. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
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