The new week on AUDJPY began with a gap of almost 40 pips. The price for a moment was below support / resistance at 81.75. However, it quickly increased and within few hours the price returned to this level. We are currently experiencing drops that are slowly approaching support. There is nothing left to do but wait for the result of this retest.
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The price of AUDJPY for a long time moved between 80.00 and 81.75. In the last six weeks there has only been one long break out from this range, but after several sessions the price returned back. Currently, the same situation can take place.
If there is a rebound from the support at 81.75, the next goal will be the July high at 83.60, the increases may amount to less than 200 pips. In case of going below the support (ie returning to the aforementioned range) we can expect a drop back to the round level of 80.00. Which scenario will win, it will probably be decided in the coming hours.
