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AUD/JPY Consolidating Near the 2014-High, Waiting for a Breakout

The AUD/JPY pair is trading around 96, just under the 96.50, 2014-high. In the past week, the market has stalled, and formed a consolidation 
between 95.33 and 96.14 as you can see in the daily chart below.


(audjpy daily chart 6/16)

The 4H chart shows the consolidation more clearly. It looks like it could be forming a top. If price falls below 95.30. there would be a top, which first exposes the 95.00 handle. A break below this might also break below a rising trendline coming up from the 93.04 low. The break of this support factor opens up the 93.68 and 93.04 lows.


(audjpy 4h chart, 6/16)

If price pushes above 96.16, the 96.50 high on the year will be challenged. A break above that would be a major bullish continuation signal, and exposes the 100 psychological handle, which was also near a previous support/resistance pivot area.