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AUD/JPY Trying to Remain Bullish

The 4H AUD/JPY chart shows a market that has failed to reach the 2014 high of 96.50, at least in this May-June attempt. After the failure, price retreated, and fell below the May 20-June 20 trendline. This flattened the AUD/JPY.

Last week, we saw a failed bullish attempt hold at 95.80, then give way to further decline, which is now shifting AUD/JPY from neutral to bearish in the 4H chart.

However, failure to clear below 95.20, and a rally above 95.60 and last week's falling trendline can revive the bullish outlook and keep the 96.50 high on the year in sight.

(audjpy 4h chart, 6/30)

The 95-95.20 area that is being tested right now is key. A bearish market can open up if price falls below 95.00, especially if EUR/JPY also breaks below a rising trendline seen in the daily chart.