There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
AUD/JPY looking for fresh momentum above 86.15
AUD/JPY is finding support around the demand area between the 86.45 and 86.14 levels, at which lies the Fibonacci zone of 50% and 65% respectively. The 200 SMA at H1 chart is trying to act as a dynamic resistance, but it seems the pair could gain momentum at current stage in order to target the 88.00 level (-23.6% Fibo zone).
Overall, the structure is bearish as the risk to the downside remains high, but as long as the pair remains above the 200 SMA at H1 chart, we can expect further gains in the short-term. RSI indicator is at the neutral territory.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.