The $AUDJPY pair has been consolidating since late January between roughly 77.50 and 79.85. While the range looks very consistent, I think by now (the start of April), it might be better to wait for a breakout. AUD/JPY 4H Chart(click to enlarge)Range:- The 4H chart shows AUD/JPY trading in the middle of a a 2-month range.- I think if price comes up to the $79.80 area, we can fade it with a target of 78.80. If price is down around 77.60, we can go long with a target around 78.60.- I would not target the other side of the range anymore because of the possibility of an impending breakout.- Let's take a look at the daily chart.AUD/JPY Daily Chart(click to enlarge)Anticipating Breakout:- At the moment, if there is a bullish breakout above $79.85, I would limit the bullish outlook to 84.00. - A break below 77.50 might open up the 72.15 area, which is a common support going back to 2010. - Because there is a preceding bearish trend, I think it is more likely that AUD/JPY will eventually break lower.