AUD/JPY Price Analysis: Bears pressure bulls at critical support

• AUD/JPY bears moving into the length built up from 90.00.
• The daily W-formation is in play and bears eye a break of trendline support for the day ahead. 

AUD/JPY has rallied in the week but is now coming under pressure with longs being out under heat and the weak hands moving out. We have three days of build-up since Friday's failed break of below 90.00 which leaves the scope for a meaningful correction for the day (s) ahead. 

AUD/JPY daily chart

The daily chart is showing signs of exhaustion on the bid and the W-formation is a firm reversion pattern that could well see the price move in for the retest of the neckline near 91.70:

The price is indeed resting above the trendline support, however, so the overall outlook remains bullish so long as the bulls commit to the neckline of the W-formation and build their foundations for the next move higher from there. A break of this area, however, will put the bulls in jeopardy of a major sell-off:

AUD/JPY H1 chart

The support is still intact, however, and we could see a move up into retrying the high prior to resistance kicking in which leaves the London and US sessions open in this regard.