AUDJPY Chart Technical Outlook medium-term bias is negative but intraday support is seen at 94.82
The medium-term bias flips to the downside after completing a bearish Bat formation on Monday the 19th of June.
With yesterday’s continued downward pressure, the daily chart has posted a topping pattern known as an Evening Star. It should be noted that a weekly close below 93.84 will form a bearish Outside Candle, another indication of a change of trend.
Although this is clearly negative for long-term sentiment, the intraday chart highlights support at 94.81. Elliott Wave enthusiasts may look to this as the completion of the first bearish five-wave count.
I would look for any subsequent upside recoveries to be limited with bespoke resistance located at 96.51 tomorrow.
