38.2% of the move up from Sept 29 low also tested

The AUDJPY trended lower in trading yesterday. After bottoming after breaking below the 200 hour MA (green step line in the chart below - currently at 86.526), and NOT finding additional downside momentum, the price corrected in trading today to the 38.2% of the trend move lower (see chart below at 87.04).. The pair is currently back down toward the NY session lows and has dipped back below the 100 and 200 bar MAs on the 5-minute chart AND the 200 hour MA at 86.526. Are the sellers gathering for another run lower?

I will give the benefit of the doubt to the sellers on the back of the sharp move lower yesterday and standard correction today.

Looking at the daily chart, the pair peaked above the 38.2% of the move down from the May high on Monday. It also went a touch above a topside trend line at the high. However, the momentum could not be sustained, and the price fell back below that 38.2 retracement level yesterday (at 87.80). Today is a consolidation/lower day. The close yesterday was at 86.74. Staying below this level would be close risk for shorts.