Be aware..
The AUD is the weakest currency in trading today with the currency down against all the major currencies.
Looking at the AUDJPY, the pair tested the high from Feb 17th in the early European session and has been trading down since that point. The price has must made it to the 100 hour MA at the 86.58 level. A move below that level is needed to push the pair lower. Close resistance comes in at the 200 hour MA at the 86.793 level now.
Looking at the daily chart, the high today stalled just ahead of the 50% of the move down from the Nov 2014 high to the June 2016 low. That level comes in at 87.565. Looking back to December, the high then stalled at 87.52. The break above that level on Feb 15th failed. The very next day the price was back below.
With the price moving off that 50% level today, it could be a turn back to the downside if the momentum can be maintained.
On the downside, the lower trend line on the daily chart cuts (lower chart is a closer look at the daily chart) across at 86.04. A move below that level going forward - in addition to the breaking of the 100 hour MA at 86.58 - would turn the technical bias more to the downside for the pair.
Those are the next steps if the AUDJPY is to build more of a bearish technical story give the more away from the 50% level.
