AUD/JPY Price Analysis: Bulls are not out of the woods yet

• AUD/JPY bears are in control of the longer-term time frames.
• The bulls, on the other hand, could be on the verge of a break of key short-term resistance. 

As per the hourly chart, despite the better mood in financial markets and a relief rally in US stocks, the bulls are not out of the woods yet, and may not find their way out according to the higher time frames. 

The following illustrates this in a top-down analysis as follows:

AUD/JPY daily chart

The trend is down and will remain so until the resistance highlighted above is cleared. A retest of the structure and  38.2% Fibonacci retracement, however, is not out of the question. 

AUD/JPY H4 chart

The 4-hour chart's price inefficiency between resistance levels is a compelling feature that could offer an opportunity for bulls to scalp towards the 94.40s on a break of near-term resistance of 93.90.

AUD/JPY H1 chart

The hourly time frame shows that the price is accumulating and with a break of the aforementioned resistance levels, then the bulls could be in the running for a retest of 95.10 and 95.80 thereafter.