AUD/JPY Technical Analysis: Upside break of narrowing price range likely

• The hourly chart shows AUD/JPY has created a large rounding bottom-like pattern on the hourly chart and hence could see an upside break of the narrowing price range (triangle pattern).
• The bull breakout would expose resistance at 82.56 (100-day moving average).

Hourly chart

Spot Rate: 81.85

Daily High: 81.98

Daily Low: 81.59

Trend: Bullish

Resistance

R1: 82.00 (resistance of triangle pattern)

R2: 82.42 (50-day moving average)

R3: 82.56 (100-day moving average)

Support

S1: 81.65 (50-hour moving average)

S2: 81.46 (200-hour moving average)

S3: 81.00 (psychological support)