AUD/JPY Potential short setup

A clean break of the 79 level would see price head towards the 77 level. We have already seen a break and retest of the 80.50 level where price has headed south and bounced of the 10 EMA. The long term outlook for this pair would be past the 77 level where we have the potential to reach the 75 level.

However if price does not break the 79 level we could see price head North again respecting the descending trendline and the trade would be invalid.