AUD/JPY Is Falling

AUD/JPY has been moving sharply to the downside for the past few hours after the pair formed a spinning top candlestick on the one-hour time-frame at the resistance at 83.25. The pair has all but reached the support at 82.50, which coincides with the (MA)89 indicator on the four-hour time-frame. If it breaks out below that indicator, and considering how bearish the pair is it may, then next target will likely be at the last low at 81.85. A breakout below that level in turn could lead to a further move to the downside towards 80.50, which is a support that the pair has been testing repeatedly for the past few months.