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AUD/JPY has been quite corrective recently residing in the middle of the range from 84.00 to 85.70. AUD has been weaker amid recent economic reports and the infrastructure that pushed AUD down against JPY in comparison. This week, AUD has found minor support from the economic reports like Construction Work which showed an increase to 15.7% from the previous value of 9.8%. The positive economic report did not quite prove itself to be effective for the gains against JPY, leading to further correction in the market. On the JPY side, after the observance of Thanksgiving Day, today Flash Manufacturing PMI report was published with an increase to 53.8 from the previous figure of 52.8 which was expected to decrease to 52.6 that encouraged JPY to gain good momentum against AUD, leading to bullish rejection in the pair. As of the current scenario, JPY is expected to gain further momentum in the pair in the coming days against AUD amid better economic reports from Japan with market sentiment on the side. Moreover, if AUD cannot present better economic reports in the coming weeks, then the bearish bias of the market is expected to continue further.
Now let us look at the technical chart. The price is currently residing in the range of 84.00 to 85.70 with bullish rejection today which signals further bearish pressure in the pair. As the price remains below 85.70 resistance area and dynamic level of 20 EMA, the bearish bias is expected to continue further with a target towards 84.00 in the future.
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