As illustrated below, the price of AUD/JPY is with the bulls for the time being, but the prior support would be expected to act as a resistance and failure on the retest opens risk to the downside. {chart} The 61.8% ratio is in confluence with this area of potential resistance located near 81 the figure. Before there, however, 80.95 is under pressure and could hold up as a 50% mean reversion level. {chart} From a daily perspective, the downside is compelling considering the W-formation which is a high completion rate reversion pattern. The price would typically retest the neckline of the formation, which in this ... (full story)