AUD/JPY Technical Analysis: Near 90 degree rally continues, but momentum may wane

The AUD/JPY is extending the three-day winning streak in Asia, but the momentum could wane and the immediate resistance at 82.30 (61.8% Fib R of June high/Aug low) may hold, as the relative strength index (RSI) on the hourly and 4-hour chart is reporting overbought conditions.
A pullback to 81.70-81.60 could happen if the pair dips below the lower end of the rising wedge seen in the hourly chart. That said, the pullback will likely be short-lived as the 5-day and 10-day moving average (MAs) are trending north indicating a bullish setup.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 82.17

Daily High: 82.18

Daily Low: 81.90

Trend: Cautiously bullish

Resistance

R1: 82.30 (61.8% Fib R of June high/Aug low)

R2: 82.80 (Aug. 8 high)

R3: 83.00 (psychological hurdle)

Support

S1: 81.93 (200-day MA)

S2: 81041 (5-day MA)

S3: 81.03 (May 30 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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