AUDJPY’s rise has been stalled after the uptrend was broken. Yesterday Australia retail sales data shows a big positive surprise and AUDJPY is still holding on just below the broken trend. But recent Covid-19 mutation and graving Sydney Cluster may slow down the demand.
The lower line of the trend 78.48 and recent top 78.80 can be followed as resistance in the short-term. As long as these resistances hold, bearish pressures may increase. 77.50 and 77.00 can be good targets for downward moves.
If the price breaks over 78.80, AUDJPY may re-enter the trend and start a new bullish move to 80.