AUDJPY got out of the bullish trend channel in early April and entered a consolidation period. RBA’s upgrading their economic forecasts and Japan’s still failing stimulus programs favoring AUD fundamentally but fundamental can change quickly in today’s economy and a possible correction may be due for AUDJPY, at least the Spearman indicator think so. With a sell signal from the indicator, the price may want to test 83.33 in the short-term and if this support breaks, bearish pressures may increase. If the fundamental side gains the upper hand, the 85-86 resistance zone will be key and must be passed for upward moves.
