The AUD/JPY has formed a bearish zig zag with a descending trend line that is breaking through the POC zone. We could see another bearish move during Asian session.
79.80-90 is the POC zone. The retracement might push towards the POC zone and a trend line. If the rejection happens the price should ideally stay below 80.22 for bears to dominate. A drop from the POC zone should target 79.43 and 79.19. Also, traders should be watching correlated markets such as Equities – Nikkei and China50 indices. A drop in equity markets should also define the bearish move in the AUD/JPY.
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