- AUD/JPY is accumulating gains in the Asian session.
- However, gains seem limited in the vicinity of 84.70.
- Neutral momentum oscillators ask for a wait-and-watch approach.
The AUD/JPY cross maintains the previous day’s gains and looks to refresh the daily high near 84.70 in the Asian session.
At the time of writing, AUD/JPY is trading at 84.67, up 0.10% on the day.
AUD/JPY hourly chart
On the hourly chart, the cross has been making efforts to maintain the upward momentum, where price faces a challenge near the highs of 84.70. The mentioned level acts as a strong barrier for AUD/JPY bulls with the formation of multiple tops. If prices slip below the 84.60 mark, then the first support would emerge near 23.6% Fibonacci retracement level at 84.50 followed by the 84.40 mark placed at the 38.2% Fibonacci retracement level. A reversal in the prevailing trend would be confirmed if the price sustained below the 84.30 horizontal support area.
The Moving Average Convergence Divergence (MACD) indicator reads above the central line with receding bullish momentum. Any uptick could push prices higher toward the 84.80 horizontal resistance zone. Bulls would then take aim at the highs of 85 (April 29), and then 85.45 (March 18).