AUD/JPY Consolidation

The area of 89.000 is a key area within AUD/JPY. Price on the monthly timeframe is currently floating around this area and we are watching to see if price picks up the pace and breaks bullish or shows a push to the downside.

Through 2017 we did see price show bullish market structure, with a price printing a new higher low and higher high, however price seems to be struggling at the 89.000 resistance area.

If that resistance is taken out we could see it move to the next bull target at 104 and then 108. If bears win the battle, their first target is seen at 83.55 and then their major target for the short term would be 72, while long term bear target is seen at 55 creating a double bottom.

Chart: AUD/JPY M1