Daily Forex Update: AUD/JPY

After a bounce on the daily chart at 72.73 rallied the Australian Dollar against the Japanese Yen, the intraday AUD/JPY has been trending with strength. The strong Aussie Dollar still dominates price action; however, near-term risk appetite seems to be falling (as reflected in equities prices on Wednesday) and the Yen is starting to be bought once again.As the 240-minute time frame trended higher, a Rising Wedge pattern formed. Most recently, though, the trend has slowed and a more neutral market tone has developed – this is confirmed by Autochartist’s three-bar Initial Trend reading. Due to the more sideways market movement, the recent pierce of uptrend line support at 77.80 (E) can be sold short in expectation of lower lows.