The AUDJPY is in the process of testing a key trend line that extends from the June 2016 low.
The first bounce from this level was the November 9th session low, which was also the start of the so-called “Trump rally.”
Well, that rally may be starting to unwind. We can see from the second chart below that the trend line which has been a key supporting factor to this rally is under pressure once again today.
This comes after the pair just retested the trend line at 81.50 between the 19th and 20th of April.
So as we can see, AUDJPY bears are beginning to increase their push for a move lower, particularly so far in today’s session.
Daily Price Action
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