$AUDJPY: Aussie/Yen topping out?

Tracking risk appetite across bipolar asset markets

THURSDAY FEBRUARY 7, 2013       16:46:00 GMT

The 60 minute chart for AUD/JPY shows a very well formed H&S pattern with a clearly visible neckline.

Using the standard yardstick for a possible correction - should the neckline be violated - the distance from top of the head to neckline would put 94.70 as a feasible target. This could be a fake out move and I would be looking for more yen strength before getting too convinced about the validity of the pattern.