$AUDJPY Consolidation to break lower?

$AUDJPY Consolidation to break lower?

The $AUDJPY has been in some serious consolidation since the beginning of March, I believe the pair will break lower for a move to the 74.65 area before recovering and making a move back above 90.00.



Since the highs of Sept. 2017 at 90.30, price has created 3 waves lower to the early March lows around 80.50.  Since this time it has consolidated in a 400 pip range from 84.50 to 80.50.  The 84.50 has been some very tough resistance going as far back to May 2017.  In May of 2017 it rejected price for a short time before breaking higher and becoming support in Nov of 2017.  Price did break down through the 84.50 area again in Feb 2018 were it has acted as resistance on three attempts to break higher.  If price does have a solid break and hold above 84.50 then I would be looking for a move above 90.00.  A break below 80.50 could target two equal legs low at 74.68 before the move higher resumes.

AUDJPY Daily Chart