Sellers might look to lean at 74.76 ahead of double top
The AUDJPY was able to extend above earlier session highs at 74.76, but for the 2nd time in October, the high could only get to the 74.818 level. The price backed off.
Back on October 22nd the first break and fail occurred. The price rotated to the lowest point at 73.92 on October 24.
Since then, the price moved higher and once again broke to the 74.818 level and backed off. The move lower has been marginal so far.
If the sellers are to now take over, watch for early sellers against the double top at 74.76. On the downside, a trend line at 74.63 if broken, might give sellers more confidence that the double top is in place and more of a move lower can be explored.
SUMMARY: The AUDJPY is sitting just on the bearish side of the "bullish above/bearish below" fence. If the price can stay below, there may be more downside to explore.
If on the other hand the price moves above, look for the sellers to give up and join the buyers on the break, with a greater extension higher.
