AUD/JPY Technical Analysis: Ichimoku Cloud conditions developing bullish for a long entry, target 80.70/00

• AUD/JPY has started out the week on the front foot, adding to the last few sessions of gains as risk appetite  keeps improving.  
• While price is trending higher, correcting the daily bearish trend, it  is a slow grind albeit better bid while above the Ichimoku Cloud.  
• However, the conditions for entering long at this stage on the 4hr basis are not sufficient  enough with the lagging span too close to price and the Tenkan-sen line below the  Kijun-sen.  
• The more aggressive  bulls might take solace in the daily chart’s conditions, with most of them being met. The price is above the bullish cloud formation, with a bullish alignment in the  Tenkan-sen line below the  Kijun-sen. However, the lagging span needs to break above the cloud also.  
• The price is currently being resisted by the 100-D SMA and a break there will likely give rise to demand creating full conditions for an Ichimoku cloud long entry point above the psychological  80 figure for an initial target of the 78.6% Fibo level and the confluence with 10th Dec support around 80.70/00. On the wide, 83.60/84.50 are compelling as prior support and resistance levels.  
• To the downside, trendline support  is located  a touch below the 79  handle  guarding the 61.8% Fibo of the  same range around 78.80 as  the last defence for the 50% Fibo area around 77.20 which guards the top of the daily cloud at 77 the figure.

AUD/JPY Daily Chart