AUD/JPY Is Setting Up For A Retracement

Technical analysis of Forex market

The AUD/JPY is in uptrend but the point 2 of retracement showed a nice move down. We could assume that we might see a further drop.

The POC zone 84.30-84.60 is the point 3 where we might see a move down. If momentum persists we should see the price going towards 83.45, 83.10 and 82.66. The invalidation of the setup comes above 85.00, if the market makes a new high. Today is Friday, so we might see profit taking that will lead the price down.