AUD/JPY Is Bearish

After breaking out below the support at 85.80 which coincides with the (MA)89 indicator on the weekly time-frame AUD/JPY is once again testing the support at 84.30, from which the pair bounced off at the end of November last year. Now the question is whether it will bounce off from that support level again and form a double bottom or it will break out below it. If it does bounce off from it then there will probably be a move to the upside towards the aforementioned (MA)89 indicator on the weekly time-frame. A breakout below the support in turn could lead to a further move to the downside towards 83.70. The next target below that level is at 81.80.