AUD/JPY Price Analysis: Hovering above a key support area

• AUD/JPY has reached a key support area at 90.20/40. 
• The activation of potential H&S formation might send the pair to 84.00 or lower.
  

The Australian dollar has reached an important support area on its decline from early September lows beyond 0.9800. The pair has reached 91.20/40 area, which contained bears in late May and early June and also prompted the recovery from the August 2 low.

In this case, the mentioned area corresponds with the neckline of a potential Head & Shoulders figure (as shown in the following daily chart), which might send the pair down to the 84.00 area.

AUD/JPY Daily Chart

Technical levels to watch