AUD/JPY: the bulls have a chance

AUD/JPY peaked to 94.45 on Friday, but formed a shooting star and slid to the 93.00 area. Note that on March 6 the pair’s 20-day MA (purple line) rose above its 200-day MA (orange line). It happened for the first time since November 2012 which preceded a 5-month gain of more than 25%.

In addition, the prices broke above the resistance line connecting October and January highs. On the weekly chart we see a similar formation as in August: AUD/JPY for the 2 times tested the area of the 100-week MA. The monthly chart pattern looks good as well. The bulls need to overcome the 55-week MA at 93.75. Support is at 92.50/40 area.

Chart. Daily AUD/JPY

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