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Technical analysis for the AUD/JPY, the pair reached the previous weekly high, the 2.168 FIB extension on the daily chart, and closed the week with a dragonfly doji, signaling a potential daily pullback. The first target of this pullback is the 0.386 FIB extension at 83.85, the second target is the 1.618 FIB extension of the four-hour chart at 83.30, where we have minor support at 83.15 and the 0.500 FIB retracement on the daily chart.
Looking at the bigger picture, the AUD/JPY pair, bounce from support, and the 0.618 FIB retracement at 78.00 on the monthly and the weekly charts and resume the bullish trend. The weekly chart respected the previous high at 85.81, however, on the daily chart the AUD/JPY closed above the previous high at 85.81. This break to the upside opens the door for a run toward the previous high and resistance zone between 89.00 – 90.30.
Daily chart:
Weekly chart:
Monthly chart:
