Cross-rate signals: AUD/JPY forms a spread

Cross-rate AUD/JPY, despite the general weakness of the yen, remains under pressure, as evidenced by the inability of the pair to return above the level of 83.60-84.00, after a decline at the beginning of the year. Also in the past two weeks, this cross continues to form a “double top” figure. Therefore, the strengthening of the pair AUD/JPY is likely to be limited to the resistance level of 83.20-40. A break from this level will open the way to support 82.50, consolidation below which will indicate a deeper decline to the support levels: 82.00 and 81.50. Significant resistance is located at around 83.80-84.00, breaking through which cancels expectations for a decrease in the cross.

Fig. AUD/JPY H4. The current price is 83.00.

Hanzenko Anton