Chart - Courtesy Trading View
- AUD/JPY was trading 0.34% lower on the day at 91.86 at around 06:05 GMT
- Close above daily cloud on Monday's trade has opened further upside in the pair
- Momentum is bullish, volatility is high, price action has edged above 200H MA
- GMMA indicator shows near-term trend is turning bullish on the daily charts
Support levels:
S1: 91.88 (110-EMA)
S2: 91.30 (200H MA)
Resistance levels:
R1: 92.81 (Jan 26th high)
R2: 92.97 (200-DMA)
Summary: AUD/JPY has likely paused downtrend since September 2022 and has shown support at daily cloud. 200-DMA is next major resistance and decisive break above will see upside continuation.
Some consolidation likely at current levels before the next leg higher. Retrace below cloud will negate any further upside in the pair.
