AUD/JPY Price Analysis: Bearish H&S in the making in a 61.8% golden retracement?
|- AUD/JPY is forming a head and shoulders pattern on the hourly chart.
- AUD/JPY has reached a 61.8% Fibonacci retracement level as well.
From an hourly perspective, the forex market's risk barometer has been on the offer mid-week considering the risks related to the coronavirus variant, Omicron, as well as inflation pressures that are upsetting global equities.
The following illustrates the recent price action and the chart formation taking shape that could be regarded as a bearish prospect for the forthcoming sesisons.
AUD/JPY H1 chart
AUD/JPY daily chart
The bears are looking to tap into the liquidity to sell into and take profits between 78.50 and 80 the figure for the coming days.
AUD/HPY 15-min chart
From a short term perspective, the W-formation's neckline around 80.40 is compelling should the cross be rejected in the current support territory.
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