AUD/JPY Price Analysis: Challenges daily high, approaches 85.50

• AUD/JPY consolidates near daily highs in the Asian session.
• Bulls face a stiff resistance zone near the 85.30 area.
• Momentum oscillator signals continuation of the upward momentum.

The AUD/JPY cross maintains a steady tone in the Asian session and trades near the daily highs at 85.25. 

AUD/JPY daily chart

On the daily chart, the cross has been accumulating gains near the session’s high. The cross is in continuous upward motion since April 23 from the lows of 83.09 and hit the YTD high at  85.80 on Monday. 

The Moving Average Convergence Divergence (MACD) indicator, placed well above the midline, hints at  a continuation of the northern move for AUD/JPY. On moving higher, the price would test the 85.50 horizontal resistance area, followed by the high of Monday at 85.80

The next area of resistance could be the June 2017 high at 86.55.

Alternatively, on the downside, immediate support is placed at the 23.6% Fibonacci retracement (from lows of 82.28) near the 85.00 area.

The next support area could be the Friday low at 84.72, followed by Thursday’s low at 84.24.

AUD/JPY Additional Levels