By eFXdata — Mar 17 - 09:45 AM
Bank of America Global Research discusses AUD/JPY technical outlook and flags a bearish set-up.
"Negative credit events and related concerns have triggered a risk-averse period in global financial markets," BofA notes.
"AUDJPY broke below its short-term trend line support last week and then this week it broke below the cloud support line at 88.69. Cloud lines have crossed bearish and MACD crossed bearish while negative. If risk averse price action continues AUDJPY can fall to 86.20, 83.81 and maybe the rising 200wk SMA in the mid-81s (while it remains below 91.10," BofA adds.
BofA Global Research