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AUD/JPY Ranging Between 94.50 and 95.30

AUD/JPY has been consolidating in a narrow range for the past 2 weeks between 94.50 and 95.30 (80-pips).


(audjpy 1h chart, 5/4)

In the 1H chart, you can see that this consolidation followed a bearish swing from 96.23. You can also see that duing this consolidation period, price has been holding below the 200-hour SMA. 

Therefore, In the short-term the AUD/JPY is neutral with a bearish bias. A break below 94.50 should open up another bearish swing in the short-term. A breakout projection could be the length of the range (80 pips), which would target the 93.70 area.

(audjpy 4h chart, 5/4)

However, as you can see in the 4H chart, there will probably be some support as early as 94.00, or wherever price might meet a rising trendline that comes up from 88.25, the February and 2014 low. If the trendline support breaks, then traders might trade AUD/JYP down towards the 93.00 handle.