AUD/JPY has been moving to the downside since the pair formed a shooting star candlestick on the weekly time-frame at the resistance at 90.30 well over three months ago. The pair broke out below the support at 85.40, which is the (MA)89 indicator on the weekly time-frame and reached a low at 84.35 before forming a spinning top candlestick on the same time frame and bouncing off from the aforementioned level. The pair is currently back to testing the 85.40 level, which from a support has become a resistance and the question is whether it will bounce off from it and continue moving to the downside or break out above it and start rallying again. If AUD/JPY bounces off from the indicator and breaks out below the last low at 84.35 it will probably fall towards 83.00. On the other hand, if there is a breakout the pair will probably rally towards 87.00.
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