AUD/JPY Technical Analysis: Bull breakout

• The hourly chart shows a bullish divergence of the relative strength index (RSI) and falling wedge breakout.
• The pair has also moved above the rising trendline hurdle and the confluence of the 50-hour and 100-hour moving averages. So, it seems safe to say the pullback from the recent high of 81.49 has ended and the bulls have taken over.
• The AUD/JPY looks set to test the immediate resistance at 8.37 and 81.49.
• On the downside, a move below 80.57 would shift risk in favor of a drop to 80.00 (psychological support).

Hourly chart

Spot Rate: 81.12

Daily High: 81.19

Daily Low: 50.58

Trend: Bullish

Resistance

R1: 81.37 (Aug. 22 high resistance on the hourly chart)

R2: 81.49 (recent high)

R3: 81.89 (50-day moving average)

Support

S1: 80.95 (50-hour + 100-hour MA)

S2: 80.57 (Aug. 23 low)

S3: 80.00 (Psychological level)