AUD/JPY Technical Analysis: teasing bull breakout as tensions thaw

Improved risk appetite due to increased odds of US-China trade deal continues to bode well for the Aussie dollar.
At press time, the AUD/JPY is probing the upper edge of the falling channel on the hourly chart. A breakout, if confirmed, would signal a continuation of the recovery rally from the Dec. 9 low of 80.72 and could yield a rally to 82.11 (200-hour moving average).
The 50-hour MA is holding above the 100-hour MA, meaning the path of least resistance is to the higher side.
The bullish case would weaken if the pair finds acceptance below the support at 81.62.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

AUD/JPY

Overview:
    Today Last Price: 81.82
    Today Daily change: 12 pips
    Today Daily change %: 0.147%
    Today Daily Open: 81.7
Trends:
    Previous Daily SMA20: 82.2
    Previous Daily SMA50: 81.23
    Previous Daily SMA100: 81.21
    Previous Daily SMA200: 81.87
Levels:
    Previous Daily High: 82.07
    Previous Daily Low: 81.52
    Previous Weekly High: 84.05
    Previous Weekly Low: 80.93
    Previous Monthly High: 83.22
    Previous Monthly Low: 79.84
    Previous Daily Fibonacci 38.2%: 81.86
    Previous Daily Fibonacci 61.8%: 81.73
    Previous Daily Pivot Point S1: 81.45
    Previous Daily Pivot Point S2: 81.21
    Previous Daily Pivot Point S3: 80.9
    Previous Daily Pivot Point R1: 82.01
    Previous Daily Pivot Point R2: 82.32
    Previous Daily Pivot Point R3: 82.56

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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