AUD/JPY Price Analysis: Probes May 2019 high amid overbought RSI
|- AUD/JPY bulls catch a breather around multi-month high.
- Overbought RSI conditions suggest a pullback to August month top.
- Further upside will eye late-April 2019 peak, yearly resistance line.
AUD/JPY seesaws around 19-month high while taking rounds to 78.60, up 0.08% intraday, during early Friday. The pair recently surged to the multi-month high after extending the upside break of the August 2020 peak.
However, overbought RSI conditions suggest the quote’s pullback moves to the previous resistance, August top of 78.46, amid a likely consolidation.
If the corrective moves decline below 78.46, September’s peak and 10-day SMA, respectively around 77.75 and 77.45, will be the key to watch.
Meanwhile, AUD/JPY bulls’ dominance beyond the latest high of 78.65 will target the late April 2019 top near 79.00 whereas an ascending trend line from December 2019, at 79.35 now, can challenge the pair’s further upside.
In a case where the buyers dominate past-79.35, the 80.00 psychological magnet will be in the spotlight.
AUD/JPY daily chart
Trend: Pullback expected
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