AUD/JPY:PRICE ACTION ANALYSIS | DOWNTREND | SHORT VIEW 🔔

The forecast for the AUD/JPY remains bearish as price action nears the completion of its reversal after reaching support. The minor rally allowed the Tenkan-sen to stabilize and turn sideways, but the Kijun-sen extends its slide. Adding to the bearish outlook for this currency pair is the descending Ichimoku Kinko Hyo Cloud, together with persistent inflationary pressures.We can also note that the price is in Overbought in Stochastic, the volumes are still green due to the Pullback in place, the price is around the 61.8% Fibonacci level on which the previous support is present.

Can bears maintain control over price action and force the AUD/JPY into its horizontal support area?