AUD/JPY Price Analysis: Bears tracking for bearish structure

• AUD/JPY is testing deeper into the monthly resistance.
• Bears are on the lookout for a test of prior resistance. 

As per the prior, AUD/JPY Price Analysis: Heavy and in trapped weekly environment, the price is testing the weekly resistance but there are prospects of a downside move. 

The following illustrates this on the daily chart which offers a bearish W-formation that could see the price correct towards the 10-EMA.

Prior analysis, monthly, weekly and daily

Monthly chart

Weekly chart

Daily chart

As per the daily chart above, the price could well have been drawn in to test a 50% mean reversion of the bullish impulse. 

However, there has been a further probe of the monthly resistance since the analysis as follows, which brings the 38.2% Fibonacci into line with the prior resistance structure:

Live market, daily chart