- AUD/JPY stays on the front foot following consecutive four days of uptrend.
- Bullish MACD, sustained trading beyond 200-HMA favor buyers.
- Wednesday’s high restricts immediate upside within immediate ascending triangle.
AUD/JPY keeps the previous day’s upside momentum while rising to 75.42 during the early hours of Friday’s Asian trading. Although the quote successfully recovered from the late-June lows, tested on October 29, the high marked on Wednesday around 75.50 holds the gate for further upside.
Considering the AUD/JPY bulls’ ability to keep the reins above 200-HMA, coupled with the bullish MACD, the north is the direction to watch.
As a result, a sustained upside past-75.50 will aim for October’s top surrounding 76.52. However, the 76.00 round-figure may offer an intermediate stop during the rise.
Meanwhile, the 75.00 threshold offers immediate support to the AUD/JPY prices. Though, the downside break of the weekly support line, at 74.73 now, will reject the ascending triangle and highlight the 200-HMA level of 74.20 on the bears’ radars.
It’s worth mentioning that an extended south-run past-74.20, will have multiple rest-points near the 74.00 mark, a break of which can probe the monthly low near 73.20.
AUD/JPY hourly chart
Trend: Bullish
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