AUDJPY Forming Bearish Setup?

22 Sep

Symmetrical Triangle/Wedge: The price is moving within converging trendlines, indicating a period of consolidation with lower highs and higher lows. This typically points to an upcoming breakout, either upward or downward, depending on market momentum.
Trend:

Bearish Projection: The red dotted line suggests a bearish expectation, where the price is predicted to decline after hitting the upper trendline resistance, potentially leading to a breakout on the downside.
Key Levels:

Resistance: Around 98.500 – The price is nearing the upper trendline, which could act as resistance.

Support: Around 94.000 – The lower trendline acts as a key support level, potentially where the price could fall to if the bearish scenario plays out.

Conclusion:
This chart shows a likely bearish scenario for AUDJPY, anticipating a drop towards the lower part of the wedge formation, around 94.000, after encountering resistance near 98.500.