AUD/JPY Technical Analysis: Failed inverse head-and-shoulders breakout

• The AUD/JPY hourly chart shows the bulls have failed to capitalize on the inverse head-and-shoulders breakout.
• Currently, the cross is trading at 80.68 – below the neckline level of 80.83.
• The bulls now need a break above 80.97 (session high). That could yield a stronger rally toward 81.81 (July 24 low).

Hourly chart

Spot Rate: 80.68

Daily High: 80.90

Daily Low: 80.59

Trend: Bullish above 80.97

Resistance

R1: 80.97 (session high)

R2: 81.11 (10-day moving average)

R3: 81.81 (July 24 low)

Support

S1: 80.46 (100-hour moving average)

S2: 80.10 (Aug. 17 low)

S3: 79.70 (Aug. 15 low)