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).