AUD/JPY 4H Chart: Double Bottom

Aussie/Yen cross is testing the reliability of the supply cluster created by the 100-period SMA and weekly R1 at 85.57/69. Judging from the signals given by technical indicators on a four-hour time frame, we should see the Australian Dollar penetrating these levels in the next couple of hours.  Moreover, 71% of SWFX market participants are now bullish on this currency pair. However, medium and long-term outlooks seem to be more pessimistic. We assume that difficulties will be created by the monthly pivot point at 87.02, which guards the pattern's resistance 30 pips higher. Moreover, daily and weekly studies are fairly bearish with respect to AUD/JPY.