Talking Points:

• The AUD/JPY pair takes a step back after hitting a multi-day high and breaking a two-day uptrend.
• A Bullish moving average convergence divergence (MACD) and 100-day simple moving average (SMA) suggests support for the bulls within a two-month-old rising challenge.
• The rising support line from the 23rd of  September may keep the bears keen, while the 200-day SMA adds to the upside outlook.

During today’s Asian trading session, the AUD/JPY pair take a break from a multi-day high, bouncing off an intraday low of 81.85.

While falling back from its highest levels since mid-July, the pair consolidates recent gains while defending Friday’s 100-day SMA breakout under bullish MACD conditions.

Bears may remain wary until they see a clear break of the indicated SMA support, which is currently around 81.80 at the time of publishing.

Following that, AUD/JPY bears may be tempted by a two-week-old support line around 81.00 and July’s low close at 79.85 before being pushed towards the two-month-long ascending trend channel’s support around 79.40.

On the other side of the scenario, Short-term AUD/JPY bulls may be challenged by the 200-day SMA and the upper line of the mentioned channel formation, which are found around 82.35 and 82.70, respectively.

However, A clean upward breakthrough of the 82.70 level, allows the bulls to target July’s monthly high of 84.20.

AUD/JPY: Daily Chart: