AUD/JPY Price Analysis: Bears taking control below 83.80 support

  • AUD/JPY is making a move to the downside in a break of sideways consolidation.
  • AUD/JPY bears have their eyes set on a sustained follow-through below 84 the figure. 

In recent trade, AUD/JPY has taken a turn for the worse and is trading down over 0.3% at the time of writing. The bears are firming their grip below 84 the figure and have eyes on 83.50 support territory for the forthcoming sessions.  The following illustrates the bearish bias from a daily and hourly perspective. 

AUD/JPY daily chart

While the bias is to the downside following a failed attempt to 85.00 in recent days, there are still prospects of a restest of the old support near 84.50 prior to a downside continuation. This falls in line with the 50% mean reversion level of the current bearish impulse. 

AUD/JPY hourly chart

With that being said, the hourly chart has seen a breakout of consolidation and the bias is therefore to the downside while below 83.80.