AUD/JPY Is Testing the Resistance at 89.00

AUD/JPY formed a double top around 89.00 as well as a hanging man candlestick on the daily time-frame also at that level and although both of these patterns are a signals for a likely move to the downside said move was quite brief. The pair is currently testing the aforementioned resistance level once again and the question is whether it will be able to break out above the double top. If that happens there will likely be a further move to the upside towards the next target, which is probably around 89.50 – 89.60. On the other hand, if AUD/JPY bounces off from 89.00 once again it will probably fall back towards 88.00 or even to 87.10, which is the (MA)89 indicator on the daily time-frame.