FXstreet.com (San Francisco) - AUD/JPY gained ground on Tuesday amid broad Australian dollar buying interest following a less dovish than expected RBA minutes release, which showed the central bank is in no rush to cut rates.
The pairing managed to rally as high as 81.62 before closing the NA session at 81.57 vs. 80.72. On the 4-hour chart, a spinning-top candlestick formed at the 50% Fibonacci resistance zone measured from 88.64 to74.48, which suggests the market could experience a pullback in the short-term.
However, the medium-term trend bias remains bullish as price trades above the 21 and 55 EMAs, while RSI in the mentioned timeframe trades above its mid-line and approaches 70, suggesting there is room to extend higher amid current trend momentum.
At the time of writing, AUD/JPY is climbing and has just pushed above its overnight high to 81.64, a fresh 5-day high. If the upward momentum carries on in the hours ahead, resistance lies at 82.36 (5 July high), 82.89 (17 April low), then 83.18 (61.8%, mentioned decline). The downside offers support at 80.92 (21-day EMA) and 80.57 (intraday).
The pairing managed to rally as high as 81.62 before closing the NA session at 81.57 vs. 80.72. On the 4-hour chart, a spinning-top candlestick formed at the 50% Fibonacci resistance zone measured from 88.64 to74.48, which suggests the market could experience a pullback in the short-term.
However, the medium-term trend bias remains bullish as price trades above the 21 and 55 EMAs, while RSI in the mentioned timeframe trades above its mid-line and approaches 70, suggesting there is room to extend higher amid current trend momentum.
At the time of writing, AUD/JPY is climbing and has just pushed above its overnight high to 81.64, a fresh 5-day high. If the upward momentum carries on in the hours ahead, resistance lies at 82.36 (5 July high), 82.89 (17 April low), then 83.18 (61.8%, mentioned decline). The downside offers support at 80.92 (21-day EMA) and 80.57 (intraday).
