AUD/JPY Is Bearish

AUD/JPY is exceedingly bearish and it has been so ever since the pair formed a distinct doji candlestick on the monthly time frame in January 2018 and began moving to the downside afterwards. Currently the pair is testing the support at 81.60, which is also quite obvious on the monthly time-frame, as it has done so several times already back in the middle of 2017. If it succeeds in breaking out below that major support level then there will probably be a further move to the downside towards the next support, which is probably around 78.00 – 77.80. A breakout below that level in turn will probably lead to a drop to the last low, which is at 72.45.