AUD/JPY Technical Analysis: Falling wedge breakout

• The AUD/JPY 15-minute chart shows a falling wedge breakout – a bullish setup, which indicates scope for a minor rally to resistance located at 81.75.  
• The broader outlook remains bearish as indicated by the bear flag breakdown on the daily chart.

15-minute chart

Spot Rate: 81.23

Daily High: 81.24

Daily Low: 80.99

Trend: Mildly bullish

Resistance

R1: 81.38 (5-day moving average)

R2: 81.55 (23.6% Fib R of 84.54-80.63).

R3: 81.75 (Former flag support-turned-resistance)

Support

S1: 81.00 (psychological support)

S2: 80.76 (March 28 low)

S3: 80.50 (March 23 low)