- AUD/JPY wavers around December 2018 high, eases from multi-day top off-late.
- Sustained break of January’s top, bullish MACD after more than two weeks signal further upside.
- 50-day SMA adds filter to the pullback moves.
AUD/JPY eases to 81.04 during the early Asian session trading on Tuesday. The quote jumped to the highest in nearly 26 months the previous day while crossing January’s high.
Despite the pair’s latest pullback, it keeps Monday’s breakout and favors the bullish momentum. Also favoring the AUD/JPY buyers is the MACD signals that turn green for the first time since mid-January.
As a result, AUD/JPY bulls are up for challenging the December 13, 2018 peak surrounding 82.20 before targeting the late-2018 high of 83.89.
During the rise, the 82.00 and 83.00 thresholds can offer intermediate halts.
Alternatively, a downside break of January’s high of 80.93 may revisit the area around the mid-80s before directing AUD/JPY sellers to a 50-day SMA level of 79.35.
Also likely to restrict AUD/JPY downside is the monthly low of 79.20 and the 79.00 round-figure.
AUD/JPY daily chart