AUD/JPY hints at bullish trend reversalAUD/JPY hints at bullish trend reversal

The combination of Australia announcing a reopening of their international borders and a rebound of business confidence saw AUD/JPY as one of the strongest pairs yesterday. Price action also warns of a bullish trend reversal on the daily chart.

We can see on the daily chart that AUD/JPY opened at the session low and closed near its session high yesterday, clearing several technical resistance levels including the 19 and 9-day eMA and a descending trendline. Whilst this is against our initial bias (which failed to be triggered with a break beneath 81.28) it does put the counter-bias into focus which was discussed yesterday.

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