Sellers primed to continue the AUDJPY trend lower

The AUDJPY has been on the hunt for support for a while now and we see the potential for sellers to continue to march to our BidZone around 58.000. This would mean the pair has fully extended the first leg down off the highs around 104.000 which is when we expect a reaction from the the buyers to put the squeeze on the sellers built up on the way down. The chart is of the weekly trend which is well and truly entrenched so best to look to the lower timeframes for refined entries with defined risk.