AUD/JPY Price Analysis: An upward break of a bullish flag keep bulls in control, eyeing 83.00


  • The AUD/JPY upside breaks confirm a bullish flag as bulls regain control above the 82.00 mark.
  • AUD/JPY Technical Outlook: Despite being upward biased, would need a daily close above the 100-DMA to cement the uptrend.

The AUD/JPY breaks upward, above the 100 and the 200-day moving averages (DMAs), at 82.53 and 82.40, respectively. At the time of writing, the AUD/JPY cross-currency is trading at 82.56.

The market sentiment is upbeat. US equity indices ended in the green, while Asian stock futures point to a higher open. The risk-sensitive AUD was bolstered in the FX complex, while the JPY was the laggard on the Tuesday session, courtesy of the rise in US T-bond yields, with the 10-year yield, at 1.965%.

AUD/JPY Price Forecast: Technical outlook

The AUD/JPY broke a bullish flag to the upside, though the 100-DMA capped the move. However, the long-real body of Tuesday’s price action suggests that the uptrend could accelerate towards fresh daily highs, even opening the door for a challenge of the YTD high.

That said, the AUD/JPY first resistance would be January 20 daily high at 82..97. Breach of the latter would expose a four-month-old downslope trendline around the 83.25-40 range, followed by the psychological 84.00 figure.

Contrarily, failure to reclaim 83.00 could pave the way for further losses in the AUD/JPY pair. The first support would be 82.00, pushing the price below the top-trendline of the bullish flag, viewed as a false breakout. A crackdown of the 82.00 mark would expose January 24 daily low at 80.69, followed by January 28 at 80.36.

AUD/JPY

Overview
Today last price 82.56
Today Daily Change 0.60
Today Daily Change % 0.73
Today daily open 81.96
 
Trends
Daily SMA20 81.99
Daily SMA50 81.95
Daily SMA100 82.51
Daily SMA200 82.46
 
Levels
Previous Daily High 82.05
Previous Daily Low 81.41
Previous Weekly High 82.29
Previous Weekly Low 80.55
Previous Monthly High 84.3
Previous Monthly Low 80.37
Daily Fibonacci 38.2% 81.81
Daily Fibonacci 61.8% 81.66
Daily Pivot Point S1 81.57
Daily Pivot Point S2 81.17
Daily Pivot Point S3 80.93
Daily Pivot Point R1 82.21
Daily Pivot Point R2 82.45
Daily Pivot Point R3 82.85

 

 

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