AUD/JPY Finally Reached 85.50

It took almost two months, but the move to the downside that began when AUD/JPY formed the high at 90.30 and formed a shooting star candlestick on the weekly time-frame at that level finally reached the support at 85.50, which coincides with the (MA)89 indicator on the same time-frame. Currently the pair is testing that support and the question is whether it will be able to break out below it. Considering how bearish it is such a breakout is likely and if it does occur there will probably be a further move to the downside towards the next support, which is at 81.80. Alternately, if the pair bounces off from the (MA)89 indicator on the weekly time-frame it could climb back to 87.60.