AUD/JPY Price Analysis: Bears seeking a monthly 38.2% Fib retracement

• AUD/JPY bears are lurking below 4-hour resistance.
• A weekly correction could be on the cards towards a monthly 38.2% Fibo retracement.  

The monthly chart shows that there is resistance in the supply zone.

This leads to the prospects of a downside correction and the following illustrates what needs to be achieved from a 4-hour perspective.  

Monthly chart

Weekly chart

The weekly chart’s 38.2% Fibonacci retracement level is compelling considering the confluence of the prior highs looking left.  

Daily chart

The daily chart is choppy and there needs to be a break out below support.  

4-hour chart

For a daily breakout, the 4-hour chart needs the price to break below the trendline support and the 21 moving average.

A retest of  the old support structure will open risk towards the downside and would be the first tasks of many ahead of a 38.2% Fibo correction.