- AUD/JPY is consolidated near-daily dynamic resistance.
- Bulls will seek a test of the resistance and prospects for higher grounds to 80.80.
AUD/JPY has broken daily highs and a prior resistance structure of 80.10/15.
The bulls are now seeking to challenge dynamic resistance and eye 10 Aug lows that have a confluence with the 78.6% Fibonacci retracement near 80.80.
Failures there or below dynamic resistance would be expected to result in a downside continuation on the longer-term time frames.
The bulls will be seeking a break of the current daily horizontal resistance and the dynamic resistance as drawn above.
Alternatively, the price could fail at the various levels of daily resistance, as illustrated above.
The bulls closed above a 61.8% Fibonacci retracement and thus, the 78.6% Fibo near 80.80 is in view.
This has a confluence with the neckline of the M-formation as well
The bulls will be seeking a break from the current consolidation for a run towards the daily targets between 80.70/80.
Failing a move higher, the bears will seek a break of the dynamic trendline support which could spell a top from a medium-term basis.
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