AUDJPY – Since mid-January, the quotations have been consolidated to the 250p range. The pair broke out from the formation on 12 April, but after just a few days the quotations returned and are again within the range of the consolidation. The first larger bearish candle from 18.04 formed with the next one the Inside Bar formation.
On chart H4, the price fell below the average EMA144 and is likely to fall to the nearest support starting at 78.75. The lower edge of the IB is, in this case, a level which, if overcome, may change the market’s focus on growth.