AUDJPY (1H) - short term bullish bias
Despite a series of whipsaws the Australian dollar has kept its upward trajectory. The yen's renewed weakness across the board this morning is likely to help push the pair higher. The rebound from 74.60 on the 4H trendline led to a breakout of the psychological price tag of 75. The RSI swiftly recovered from the over-sold zone. As the price reaches the 75.20 supply zone, if buying interests are strong enough to make a breach, we may expect a prolonged rally towards 76.
Key support: 74.60
Key resistance: 76.00
Despite a series of whipsaws the Australian dollar has kept its upward trajectory. The yen's renewed weakness across the board this morning is likely to help push the pair higher. The rebound from 74.60 on the 4H trendline led to a breakout of the psychological price tag of 75. The RSI swiftly recovered from the over-sold zone. As the price reaches the 75.20 supply zone, if buying interests are strong enough to make a breach, we may expect a prolonged rally towards 76.
Key support: 74.60
Key resistance: 76.00