AUD/JPY Price Analysis: Bulls eye 91.70 while above 90.70

AUD/JPY bulls are in play and we could see an advance on 91.70 in the coming sessions/days ahead.
The 61.8% Fibonacci near 93.00 is key on the upside.

Ross J Burland FXStreet

AUD/JPY is displaying a bullish bias on the daily charts, at least for the meanwhile considering it recently broke to the backside of a prior meanwhile bearish trendline resistance.

The price is now meeting support in a phase of price discovery whereby the bears have been unable to convincingly break out of the bull's defensive lines and it has been a buy-the-dip theme for a number of days.

The following illustrates that should the bulls commit harder, then a break out to the upside could unfold over the comings days ahead:

AUD/JPY monthly and daily charts

As illustrated, while the bearish attempts at a break of 88.00 have resulted in a surge in demand, until the bulls conquer 93.00, a 61.8% Fibo resistance, there will be prospects of a deeper correction to the downside.

Zoomed in ...

However, the cluster of failed bearish breakouts does keep the bulls in play and we could see an advance on 91.70 in the coming sessions/days ahead. A breakout there will leave the key 93.00 area vulnerable to another test.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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