AUD/JPY Price Analysis: Bulls eye 91.70 while above 90.70
- AUD/JPY bulls are in play and we could see an advance on 91.70 in the coming sessions/days ahead.
- The 61.8% Fibonacci near 93.00 is key on the upside.
AUD/JPY is displaying a bullish bias on the daily charts, at least for the meanwhile considering it recently broke to the backside of a prior meanwhile bearish trendline resistance.
The price is now meeting support in a phase of price discovery whereby the bears have been unable to convincingly break out of the bull’s defensive lines and it has been a buy-the-dip theme for a number of days.
The following illustrates that should the bulls commit harder, then a break out to the upside could unfold over the comings days ahead:
AUD/JPY monthly and daily charts
As illustrated, while the bearish attempts at a break of 88.00 have resulted in a surge in demand, until the bulls conquer 93.00, a 61.8% Fibo resistance, there will be prospects of a deeper correction to the downside.
Zoomed in …
However, the cluster of failed bearish breakouts does keep the bulls in play and we could see an advance on 91.70 in the coming sessions/days ahead. A breakout there will leave the key 93.00 area vulnerable to another test.