AUD/JPY Bearish Outlook with Short-Term TargetThe AUD/JPY 15-minute chart indicates a prevailing bearish trend that has been developing over the past week. The price is currently hovering around the 97.600 level, showing potential for further decline. The key support level to watch is 96.955, which serves as the first target milestone for this anticipated downward move.
The RSI indicator, while not yet in the overbought territory, suggests that a reversal or additional selling opportunities might emerge if it reaches those levels. Given the continuation of the downtrend, traders might consider adding positions once RSI approaches overbought levels, expecting the bearish momentum to resume.
In summary, the technical indicators and price action point to a continuation of the bearish trend, with 96.955 as the immediate target. Caution is advised, especially with potential volatility around the RSI overbought levels.