AUD/JPY May Start Falling

AUD/JPY almost reached the support at 87.00, which coincides with the (MA)89 indicator on the daily time-frame but bounced off from 87.25 instead, after forming a pair of spinning top candlesticks on the same time-frame. Currently the pair is still quite bullish and it will likely reach the resistance at 88.40.

The situation on the longest time-frame, the monthly one, is far more interesting. The pair has reached a high at 90.30 and below it it has formed a hanging man candlestick and a shooting star candlestick. Considering that both of these candlesticks are a signal for a reversal, especially in a combination like this one, and the large time-frame they have formed on, there will likely be a move to the downside that will begin sooner or later, and its first target in the long-term will probably be around 83.40.