AUD/JPY is 1.5% higher on the day but a quick look at the daily chart shows us that this pair is still roughly in the middle of a consolidative wedge pattern with parameters at 73.50 and 78.50. Having stalled at a major 61.8% level at 88.00 and then initiated a downtrend, this wedge pattern is expected to break lower rather than higher over the next few weeks. The bearish long term MAs would also suggest more downside.
