AUD/JPY Is Consolidating

AUD/JPY has been moving to the upside for a little over a month now, at least until the pair found a resistance at 88.40 and formed a hanging man candlestick as well as a pair of spinning top candlesticks on the daily time-frame below that level. Despite these candlesticks the pair may still be bullish, as the latter two are a signal for indecision, rather than reversal, and all were formed during the holiday period, which suffered from typical low volatility. Still, if the pair does begin moving to the downside it will probably fall towards 86.70, which is is the (MA)89 indicator on the daily time-frame. If the signal turns out to be false and the rally continues then AUD/JPY could reach 89.05, which is the last high.