AUD/JPY Price Analysis: Advances towards 81.00 as bulls await Aussie GDP
|- AUD/JPY remains on the front foot around two-week top.
- Sustained trading above 20-DMA, 12-week-old falling trend line keeps buyers hopeful.
AUD/JPY stays firmer around 80.50 during Wednesday’s Asian session. The cross-currency pair jumped to the highest since mid-August the previous day while crossing a downward sloping resistance line, now support, from June 11.
In addition to the trend line breakout, the pair’s successful trading above 20-DMA and upbeat Momentum line also favor AUD/JPY buyers.
That said, the latest breakout aims for 50% Fibonacci retracement of June–August downside, around 81.50.
However, tops marked during late July and August, around 81.60–65, challenge the AUD/JPY bulls afterward.
Meanwhile, a downside break of the previous resistance line near 80.35 could retest 20-DMA level near 80.15 whereas the 80.00 psychological magnet can add to the immediate downside filters.
Should AUD/JPY remains bearish past 80.00, the last month’s low, also the yearly bottom surrounding 77.90, will gain the market’s attention.
Also read: AUD/USD: Steady at two-week top around 0.7300, Australia Q2 GDP eyed
AUD/JPY: Daily chart
Trend: Further upside expected
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