- AUD/JPY pair continues a steady ascent in Monday's session, settling at 100.85, yet still displays a losing pattern over several weeks.
- Despite a minor upward correction, the medium-term bearish trend persists as the pair sheds above 7% in July.
- The 200-day SMA near 100.00 remains a critical support level to ward off added losses.
During Monday's trading, the AUD/JPY pair recorded a minor gain of 0.15%, landing at 100.85. However, sellers are still in control, as the pair concluded last Friday with a 4.30% loss for the week, reaffirming the bearish bias. Although there is a mild upward correction taking place, the bears seem to be taking a breather, suggesting potential sideways trade unless a key fundamental catalyst comes into play.
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