AUD/JPY May Have Found A Support

The AUD/JPY move to the downside lasted for weeks the but the pair may have found a pretty strong support around 81.50 – 81.20 because it tested that support twice and both times it failed to break out below it. This time it even formed a pair of spinning top candlesticks on the daily time-frame before it bounced off from it. Although such candlesticks are a signal for indecision, rather than a certain sign for an impending reversal, the pair is currently moving to the upside and it is very likely it will reach at least 82.90 – 83.00. On the other hand, if AUD/JPY finally breaks out below the aforementioned support it will probably continue falling towards 81.00 – 80.50.