AUD/JPY chart - Trading View
AUD/JPY was trading 0.20% higher on the day at 84.48 at around 06:45 GMT.
The pair is extending bull run for the 4th straight week, momentum remains bullish.
Traders take cues from upbeat Australian Q4 Private Capex data and positive market sentiment.
Australia’s Q4 Private Capital Expenditure grew past-market forecast at 0.0% also reversed the previous -3.0% contraction with a +3.0% print.
GMMA indicator shows major and minor trend are strongly bullish on the daily and weekly charts.
The pair is trading shy of major resistance at 200 MA on the monthly charts (84.64). Breakout required for further gains.
Oscillators are at highly overbought levels which warrants for caution. Pullbacks cannot be ruled out, but are likely to shallow.
Breakout above 200 month MA could take the pair to 90 levels. Failure to break above will see some consolidation at current levels. Retrace below 200W MA will see major weakness.
