FX.co ★ rylee.denesik | AUD/JPY

As of today, the AUD/JPY currency pair continues to move within a descending channel, which indicates that sellers still maintain control. After an attempt to stay below the 111.20 level, a pullback began. I expect that in the near future the price of the pair will move roughly in the range between 111.20 and 111.80. At the moment, the 111.20 level is the nearest support; if the price manages to break below this level, it may become one of the first signals that a move toward 110.80 is likely to begin, although a pullback may also occur. However, it is important to note that the price is currently above this point, and the priority move remains bearish.