AUD/JPY Is Very Bearish

AUD/JPY has been consolidating sideways for about two months now, forming multiple shooting star and spinning top candlesticks on the weekly time-frame around the resistance at 87.60, as well as a pair of shooting star candlesticks below the same resistance on the monthly time-frame, so it was no surprise when the pair finally started moving to the downside. It broke out below the support at 85.15, which coincides with the (MA)89 indicator on the four-hour time-frame with relative ease, then continued falling and it is currently testing the next support level at 84.40, which coincides with the same indicator, but on the weekly time-frame. The pair is very bearish and considering the aforementioned signals for a move to the downside there will likely be a breakout and the drop will probably continue. If it does, the next target is likely at 82.00 – 81.80.