AUD/JPY Price Analysis: Bulls seeking test of daily dynamic resistance, eye 80.80
|- AUD/JPY is consolidated near-daily dynamic resistance.
- Bulls will seek a test of the resistance and prospects for higher grounds to 80.80.
AUD/JPY has broken daily highs and a prior resistance structure of 80.10/15.
The bulls are now seeking to challenge dynamic resistance and eye 10 Aug lows that have a confluence with the 78.6% Fibonacci retracement near 80.80.
Failures there or below dynamic resistance would be expected to result in a downside continuation on the longer-term time frames.
Daily charts
The bulls will be seeking a break of the current daily horizontal resistance and the dynamic resistance as drawn above.
Alternatively, the price could fail at the various levels of daily resistance, as illustrated above.
1-hour charts
The bulls closed above a 61.8% Fibonacci retracement and thus, the 78.6% Fibo near 80.80 is in view.
This has a confluence with the neckline of the M-formation as well
The bulls will be seeking a break from the current consolidation for a run towards the daily targets between 80.70/80.
Meanwhile, a pullback could be in order that could result in further buying to break resistance as illustrated above.
Failing a move higher, the bears will seek a break of the dynamic trendline support which could spell a top from a medium-term basis.
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