AUDJPY has recorded a multi-year high of 91.75 just beneath the 91.88-92.68 resistance region formed by the August 2015 highs. The upturn of the simple moving averages (SMAs) reflects the surge in bullish momentum after the price overran the 44½-month high of 86.24.
Currently, the climbing Ichimoku lines signal no weakness in bullish forces, while the short-term oscillators exhibit an upward preference in the pair. The MACD is increasing over its red trigger line, while the RSI is rising in overbought territory. Moreover, the stochastic lines reflect no pickup in negative momentum.
Maintaining the current price trajectory, the bulls face preliminary resistance from the 91.88-92.68 boundary. If the pair successfully overcomes this obstacle, the price may then steer for the 94.36 barrier before buyers eye the 96.17-97.28, May-June 2015 area of highs.
If upside pressures fade, support could commence from the 90.29-90.71 border. Retreating lower, the 89.07 level may step into the spotlight prior to the red Tenkan-sen line and the 88.00 price handle. Should a deeper retracement endure, the bears could seek out the rising blue Kijun-sen line at 86.94 and the key 86.24 inside swing high.
Summarizing, AUDJPY is sustaining a strong bullish bias above the 88.00 hurdle and the October 2021 high of 86.24.
