AUDJPY
Preference:
After a brief bullish trend, this particular currency pair experienced a sudden and sharp downward movement, which was halted at the level of 96.900. However, the price was unable to sustain this rebound and eventually pulled back, retracing to the .50 Fibonacci level. This retracement resulted in the formation of a potential double-top pattern on the 2-hour chart, which is often considered a bearish signal. As a result, we may anticipate a further decline in the price, with the next possible support level being the .236 Fibonacci level. At this level, the price will be tested for support once again, and it remains to be seen whether the pair will continue to fall or recover from this point onwards.
Alternative Scenario:
If the buying or selling pressure is not strong enough to push the price beyond the .382 Fibonacci retracement level, then the prevailing upward trend in the market could remain intact.