AUD/JPY has been in a consolidation mode. The 4H chart shows the AUD/JPY chopping up and down since mid-June.AUD/JPY 4H Chart 8/8(click to enlarge)Brexit range:- After the brexit vote in late June, AUD/JPY whipped up and down forming a range between 81.60 and 72.45. - Price came up to the resistance in July, but has since retreated in a slowly expanding falling channel.Breakout ahead:- In August we saw AUD/JPY bounce off the channel support. Price is now testing channel resistance.- Price is pending a bullish breakout, which will open up the 80.70-81.60 resistance area. - The 77.80-79.00 will likely provide some resistance to challenge this bullish outlook. But if price can hold above 77.50, the bullish outlook should remain in play. Bearish scenario:- If price holds under 78.50 and falls back below 77.50, then we might have a bearish continuation scenario.- In this bearish scenario, the AUD/JPY would be exposed to the 74.50-60 area.