AUDJPY: Reversal candlestick forming at hor. and Fib resistance

Here we have a potential short setup in the AUDJPY pair. The daily chart shows an important resistance close to current prices, aligned with the 61.8% Fibo retracement level. The pair has been in a downtrend for quite some time, and the price correction may be about to end. The daily candles show a Shooting Star/Evening Star reversal pattern, which still needs to be confirmed by the close of today's candle. The pair has seen some buying pressure recently, mainly on hopes of a US-China trade resolution, but the Australian dollar has been also hit by a slowdown in the Chinese economy (China's GDP q/y slowest in a decade). China is a major trading partner for Australia, and slowing Chinese demand for Australian goods/natural resources may cause a deterioration in Australia's terms of trade (in the long run.) In the short-run, we'll wait for this short setup to be confirmed by the candlestick pattern before entering with a sell order.