Earlier in July, I was bullish on AUD/JPY even though it just made a low on the year at 89.15. The bullish outlook was on a medium to long-term basis, but the short-term price action has been neutral-bearish in July. After a rally to 92.43, price fell sharply again and was just threatening the 89.15 low entering into this week.AUD/JPY Daily Chart 7/29(click to enlarge)When we look at the daily chart, we can see that the 7/28, Monday session was a bounce off the previous support. It also completed a bullish engulfing candle. This creates a strong chance that price can climb back towards the 92.43 resistance. That means, there is a potential double bottom. Above 92.43, the next key resistance levels will be 93.24 and then 93.35-93.50. If the market is still bearish, we should see resistance here. But if price climbs above 95.00, the bullish outlook (for the medium and long-term) might indeed be taking shape.