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AUD/JPY Sees Possible Head and Shoulders Pattern

The AUD/JPY pair has been very bullish, especially in the 1H chart.

(AUD/JPY 1H Chart 9/5)

Here are some observations:
1) the 200-, 100-, and 50-hour simple moving averages (SMAs) are in bullish alignment, sloping up, spreading apart and below price. That is a bullish trend running on all cylinders in the 1H chart.
2) The RSI has tagged 70 and even 80, but has stayed above 40, showing strong persistent bullish momentum, again at least in the 1H chart.

In the past couple of sessions 9/4 and 9/5, AUD/JPY has been trading sideways, and is forming what looks like a head and shoulders pattern. OR we can argue that price has simply stalled around 98.60, but supported at 98.24. 

A break below 98.24 might open up a bearish outlook, but we need to limit it to the near-term. There might be buyers in the 98.80-90 area, which contains a previous support and resistance pivot, and the 100-hour SMA. 

Below that, we can expect support around 97.40-50, which contains the 200-hour SMA. only a break below 97.40 should open up a bearish outlook in the short-term, which would still be limited, and should be expected to see support at 96.50, which was the 2014-high for a few months before the breakout in August to fresh highs on the year. You can see this more clearly on the daily chart:

(AUD/JPY Daily Chart 9/5)