- AUD/JPY 15-min double top opens risk of a break below the 50-EMA.
- The daily chart's W-formation has a neckline target near to 80.60.
AUD/JPY is stalling in hourly resistance leaving the focus on the downside for the sessions ahead. The following illustrates the progress the price is making as per the prior analysis, AUD/JPY Price Analysis: H1 bears moving into gear:
AUD/JPY H1 chart
AUD/JPY M15 chart
The bulls will be expecting a phase of distribution which brown down on the 15-min chart, there is the prospect of this retest of prior support failing and resulting in the start of a potential downside continuation. A break of the 50-EMA should be encouraging for the bears following the double top of the correction.
AUD/JPY daily chart
From a daily perspective, the downside is a captivating prospect as well. The W-formation is a high completion price reversion pattern and the price would typically retest the neckline of the formation, which in this case, is located near 80.60.
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