AUD/JPY May Reach 80.50 Again

AUD/JPY has been consolidating sideways above the support at 80.50 for a little over a week now.  The pair eventually reached the resistance at 81.95 at the end of last week and bounced off from it after forming a hanging man candlestick on the daily time-frame at that level. Currently AUD/JPY is moving to the downside as part of the aforementioned consolidation and it is very likely it will fall back to the support at 80.50. The question is whether it will be able to break out below it or it will form a double bottom. If there is a breakout there will probably be a further move to the downside towards 80.00. On the other hand, if the pair forms a double bottom there will probably be a move to the upside towards 81.95 – 82.00 or even towards 82.60.