AUD/JPY Price Analysis: Bears seeking a monthly 38.2% Fib retracement
|- AUD/JPY bears are lurking below 4-hour resistance.
- A weekly correction could be on the cards towards a monthly 38.2% Fibo retracement.
The monthly chart shows that there is resistance in the supply zone.
This leads to the prospects of a downside correction and the following illustrates what needs to be achieved from a 4-hour perspective.
Monthly chart
Weekly chart
The weekly chart's 38.2% Fibonacci retracement level is compelling considering the confluence of the prior highs looking left.
Daily chart
The daily chart is choppy and there needs to be a break out below support.
4-hour chart
For a daily breakout, the 4-hour chart needs the price to break below the trendline support and the 21 moving average.
A retest of the old support structure will open risk towards the downside and would be the first tasks of many ahead of a 38.2% Fibo correction.
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