AUD/JPY H4
As expected the rate experienced a sharp drop after testing the yearly falling trendline resistance. It is now testing the lower boundary of the rising wedge formation.
Because of the drop yesterday we may expect a small bounce higher before breaking the floor and heading down to the important support level at 88.00.
A break below this level is needed to confirm the resumption of the broader downtrend and should take the rate down to the yearly lows around 82.50.
Only a break above 90.80 would invalidate my immediate bearish outlook for the pair, and only a daily close above 95.00 would turn me bullish on the pair.