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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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