AUDJPY: Possible Consolidation?

It's nearly 9:00am EST and we didn't drop low enough to get a real double bottom. We may have begun a consolidation process between 73.50 and 70.25 while the market figures out whether the next move is up or down.

We'll have to see whether we continue to have lower highs and higher lows.

If we are consolidating, then it's not hard to spot the support and resistance lines that will be likely to provide opportune long and short entry points.

In short, opportunities for doubles, possible consolidation, and so on. Personally, I have a long term upward bias -- so take any of my opinions with that grain of salt.

EDIT: By the way, I'm generally looking at the 1hr when doing analysis.