- AUD/JPY seesaws in a choppy range near the upper line of three-week-old resistance.
- Gradual uptick in Momentum favors the bulls, 200-DMA adds to the upside filters.
- Bearish consolidation may continue, July’s low becomes a tough nut to crack.
AUD/JPY remains lined above 81.00, down 0.05% near 81.25 by the press time of Wednesday’s Asian session.
In doing so, the cross-currency pair teases the upper line of a nearby symmetrical triangle amid slowly improving upside Momentum.
The same favors the intraday buyers of the AUD/JPY pair to print an upside break of the stated triangle, by crossing 81.35 immediate hurdle.
However, the 200-DMA and June’s low, respectively near 81.70 and 82.15, will challenge the bulls afterward.
Alternatively, pullback moves will aim for the 81.00 threshold ahead of challenging the triangle’s support line close to 80.35 and the 80.00 round figure.
Though, any further weakness past 80.00 will be challenged by the yearly low, flashed last month, near 79.80.
AUD/JPY: Daily chart