AUD/JPY has returned below the resistance of 84.50 after confirming the last bullish breakout was a false break. After the positive Employment Change and Unemployment Rate report last week the Australian Dollar has been seen gaining quite well over the Japanese Yen. Recently AUD has been seen losing some grounds due to decreased HPI report at 2.2% which previously was at 4.1%. Today JPY had All Industry Activity report which was published with a better than expected figure at 2.1% which was expected to be at 1.7% and Monetary Policy Meeting Minutes were quite hawkish to provide JPY with a positive boost against the AUD today. Today AUD MI Leading Index report was published with a slightly improved figure at 0.0% which previously was at -0.1%. As of the current situation of the market, JPY is expected gain further over AUD in the coming days due to positive economic reports and hawkish monetary policy forecasts.
Now let us look at the technical view, the price has returned below the resistance level after a daily close above it. Currently, the price is expected to be bearish as of the recent false break and as the price remains below 84.50 resistance level further bearish pressure is expected in this pair with a target towards 83.00 support area and further downward.
