AUD/JPY Price Analysis: Hits one-month highs, probes key hurdle
- AUD/JPY clocks one-month high on improved risk appetite.
- The pair is yet to confirm a triangle breakout on the daily chart.
AUD/JPY jumped to 76.77 a few minutes before press time. That was the highest level since July 22.
The pair is now trading near 76.67 – the upper edge of a four-week-long narrowing price range or triangle pattern.
A close above that level would confirm breakout and imply a continuation of the rally from June lows ear 72.50. In that case, the focus would shift to resistance at 77.44 (Feb. 8, 2019 low).
Alternatively, a range breakdown would imply a short-term bullish-to-bearish trend change and could cause some buyers to exit the market, yielding a deeper decline toward 72.50.
Daily chart
Trend: Teasing bull breakout
Technical levels
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