AUD/JPY Price Analysis: Bulls consolidate near 84.80 mark

• AUD/JPY accumulates mild gains in the Asian session.
• Cross moves higher near ascending trendline.
• Momentum oscillator remains neutral, warns of any aggressive bets.

The AUD/JPY price edges higher in the Asian session on Monday. The cross-currency pair refreshes the daily high near the 84.85 mark.

At the time of writing, AUD/JPY trades at 84.83, up 0.03% for the day.

AUD/JPY daily chart

On the daily chart, the AUD/JPY price has been rising along the bullish sloping line from the lows of 82.28. The pair made the YTD high at 85.80 in May, the levels last seen in 2018. However, the price could not sustain the level and moved lower to touch the low of 83.97.

AUD/JPY rose from the above mentioned level along with the rising trendline to consolidate near the 84.80 mark. Now, if price is able to sustain above the session’s high at 84.82, then it has the potential to move to Thursday’s high at 84.99 followed by the June 2 high in the vicinity of the 85.20 area.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with a neutral stance. Any uptick in the MACD would push the cross higher into the trajectory of the 85.45 horizontal resistance level.

Alternatively, if price slips below the 84.80 mark, then it could test the low of May 31 at 84.59. The bears would then try to capture the low made on May 27 at 84.33.

The price action would then have the possibility to fall back to the May 24 low at 83.97.
 

AUD/JPY Additional Levels