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  • The AUD/JPY has created a classic bull flag – a bullish continuation pattern – on the daily chart, meaning a break above the upper edge of the flag would signal a resumption of the rally from the Oct. 26 low of 78.56.
  • The bull flag breakout, if confirmed, would open up upside toward 87.50 (target as per the measured height method, that is, pole length added to the breakout price).
  • The repeated bounce from the ascending 20-day MA indicates the bearish pressures have weakened in the last few days. Further, the 5- and 10-day MAs are trending north, indicating a bullish setup. As a result, a bull flag breakout could happen in the next few days.
  • The case of a bull flag breakout would weaken if the spot closes below the 20-day MA, currently at 81.81.

Daily Chart

Trend: Cautiously bullish

AUD/JPY

Overview:
       Today Last Price:  82.03
       Today Daily change:  2.0  pips
       Today Daily change %:  0.0244%
       Today Daily Open:  82.01
Trends:
       Previous Daily SMA20:  81.85
       Previous Daily SMA50:  81.11
       Previous Daily SMA100:  81.29
       Previous Daily SMA200:  81.93
Levels:
       Previous Daily High:  82.4
       Previous Daily Low:  81.58
       Previous Weekly High:  82.64
       Previous Weekly Low:  81.2
       Previous Monthly High:  82.5
       Previous Monthly Low:  78.56
       Previous Daily Fibonacci 38.2%:  82.09
       Previous Daily Fibonacci 61.8%:  81.89
       Previous Daily Pivot Point S1:  81.6
       Previous Daily Pivot Point S2:  81.19
       Previous Daily Pivot Point S3:  80.79
       Previous Daily Pivot Point R1:  82.41
       Previous Daily Pivot Point R2:  82.81
       Previous Daily Pivot Point R3:  83.22