AUD/JPY Technical Analysis: Bears eye deeper losses after 21-month low

• The AUD/JPY fell to 80.03 on Monday - the lowest level since November 2016 - and could suffer deeper losses over the next few weeks.
• Today's close will likely confirm a downside break of the 4.5-month-long bear flag - a bearish continuation pattern - which indicates the sell-off from the January high of 88.42 has resumed.
• The bearish view would be aborted if the cross finds acceptance back inside the flag.  

Daily chart

Spot Rate: 80.10

Daily HIgh: 80.77

Daily Low: 80.03

Trend: Bearish

Resistance

R1: 80.50 (March 23 low)

R2: 80.70 (resistance of the lower end of the flag pattern)

R3: 81.18 (daily pivot point)

Support

S1: 80.00 (psychological level)

S2: 79.80 (daily chart pivot support 2)

S3: 78.42 (daily chart pivot support 3)