AUDJPY Channel And Resistance

In pair AUDJPY, there's a channel forming out of a channel. 

AUDJPY H4

A small ascending channel is forming from the bottom of the descending channel. Currently price is getting rejected from 80.75 area. This area is support-turned-resistance and is also 38.2 fibo of 83.07-to-79.39. Above this resistance comes 200MA and channel's upper trendline. If price breaks above these then next resistance comes 50%fibo at 81.25 area. 

Currently, I am looking to go short near to channel's upper trendline and 200MA. This area comes aproxx 80.85/90. 


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AUDJPY H4

Update 16-Oct-12 02:50 GMT: Price has moved above 38.2 fibo and is touching 200MA. Above that comes channel's upper trendline. 

I opened short at 80.84 and looking for a profit target of 100MA.

I plan to add another short around 81 figure.