AUD/JPY Technical Analysis: Path of least resistance is on the higher side
|- The bullish crossover between the 50-hour moving average (MA) and the 200-hour MA indicates that for the AUD/JPY, the path of least resistance is on the higher side.
- The 14-hour relative strength index (RSI) is rolling over from the overbought territory. As a result, a minor pullback could be in the offing before further upside unfolds.
- A daily close above 80.45 - resistance of the trendline connecting the July 19 high and July 31 high - would bolster the bullish setup on the hourly chart.
Hourly chart
Spot Rate: 80.43
Daily High: 80.60
Daily Low: 80.42
Trend: Bullish
R1: 80.45 (trendline resistance)
R2: 80.80 (previous day's high)
R3: 81.00 (psychological level)
Support
S1: 80.00 (psychological support)
S2: 79.67 (200-hour MA)
S3: 79.51 (100-hour MA)
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