From the beginning of June 2017 bulls rulez on AUDJPY, and bears only with disbelief could watch this rally. At the moment, however, there is a strong formation that gives the supply a chance to develop at least a correction.
During last 2 weeks a bearish formation of Head & Shoulders was drawn on AUDJPY chart. What we only need is breaking the neckline in area 87.90 to complete this formation. It can happen even on Tuesday. If that will be the case, the range of declines would be measured from the neckline to the top of the formation (I indicated it with brown rectangles in the chart below).If the neckline is actually broken, AUDJPY may fall below 86.45. This level is at the same time a support, so its breakdown could even lead to a drop to 85.80.