AUD/JPY Price Analysis: Bears seek a 50% mean reversion of daily impulse

• AUD/JPY bears seeking a correction on the monthly chart.
• Daily support structure offers prospects of significant correction target.  

AUD/JPY is in the throes of a sizeable retracement on the longer time frames and the following illustrates where the next trading opportunity could come from a break of current support.  

Monthly chart

The monthly chart is overdue for a significant correction following four consecutive months of uninterrupted gains.  

Weekly chart

The bears will want to see the weekly support give way, while above it, there is every chance of a continuation to the upside.  

Daily chart

Bears meet resistance at this juncture ad can target a 50% mean reversion or as low as the 61.8% Fibonacci retracement level of the last bullish impulse.

30-min chart

From a lower time frame, the bears can monitor for bearish conditions to target the daily support.  

A break of current support opens prospects of a continuation to the downside in the daily correction.