AUD/JPY chart - Trading View
Technical Analysis: Bias Bullish
- Bounces off trendline support at 77.35
- Breaks out of range trade raising scope for further upside
- Momentum strongly bullish, RSI nearing 70 mark with further room to run
- Volatility rising on the daily and weekly charts as evidenced by widening Bollinger bands
- MACD shows bullish crossover on signal line on the weeklies
- GMMA shows major and minor trend are strongly bullish on the daily charts
Support levels - 77.50 (5-DMA), 76.78 (21-EMA), 76.10 (55-EMA)
Resistance levels - 78.46 (2020 high), 79.23 (200W MA), 80.71 (2019 high)
Summary: AUD/JPY pair trades with a strong bullish bias. The Australian dollar picked up bids after Consumer Inflation Expectations data and as AU yields turn negative for the first time. Scope for test of 200W MA at 79.23. Bullish invalidation below 77 mark.
