AUD/JPY Price Analysis: Aussie dives out of 3-month ascending channel

• AUD/JPY's daily chart shows an ascending channel breakdown. 
• Key indicator shows the bearish momentum is about to gather pace. 

AUD/JPY fell 0.48% on Thursday, confirming a downside break of an ascending channel represented by trendlines connecting March 19 and May 18 lows and March 25 and June 5 highs. 

The rising channel breakdown validates the lower high of 75.09 created on June 16 and indicates bearish reversal - the uptrend from the March low has ended and the bears have regained control. 

The daily chart MACD histogram, too, is reporting bearish conditions with a negative print. The indicator is beginning to produce deeper bars below the zero line, a sign the downward move is about to gather pace. 

The pair risks falling to the 200-day simple moving average support at 72.25. A close above the June 16 high of 75.09 is needed to put the bulls back into the driver's seat. 

Daily chart

Trend: Bearish

Technical levels