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

Resistance

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)

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.