AUD/JPY Price Analysis: Buyers test yearly highs above 86.00
- AUD/JPY edges higher on Thursday following the previous day’s upside momentum.
- The pair remains under buying pressure since October 1.
- Momentum oscillator holds onto the overbought zone with upside momentum.
AUD/JPY trades lower in the Asian trading hours on Wednesday morning. The pair continued to rise in the October series, after opening at 80.43 . As of writing, AUD/JPY trades at 86,00, up 0.15% for the day.
AUD/JPY daily chart
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Technically speaking, after rising from the low of 78.85 made one month ago, the pair put paddle on accelerator and tested the yearly high at 86.02 in intraday session. The bullish bias Moving Average Convergence Divergence (MACD) indicator fuels the probability of the next higher price movement toward the February, 2018 high at 88.12.
Alternatively, if price reverses direction on profit booking it could retarced back to the 85.50 horizontal support level. Further, a break of the mentioned level, which coincides with the break of the ascending trendline from the low of 78.85 would mean more pain for the pair. The AUD/JPY bears would recapture the psychological 85.00 mark followed by Tuesday's low of 84.66.
AUD/JPY additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
