AUD/JPY Price Analysis: Will history repeat itself? If so, much lower levels to come By ross_burland AUDJPY Technical Analysis
Bears need to break the daily support line in the coming sessions.
It has propelled over the months to the point where a Russian attack on Ukraine soil is expected to already be underway according to Ukraine and the US. AUD/JPY has been created in kind, but given the complexity of the situation, any pullbacks would be expected to be faded. This is not a crisis that will be cleared up at one G& or UN summit before the week is out.
As illustrated, the pair fell nearly 3% over the course of two full trading days, or by 244 pips. We may not have seen half of it, literally. However, from a lower time frame perspective, traders will need to account for volatility both ways, with the bears averaging and fading the rallies at critical structures along the way.