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- AUD/JPY Price Analysis: Renews seven-year high above 90.00 amid overbought RSI
AUD/JPY Price Analysis: Renews seven-year high above 90.00 amid overbought RSI
- AUD/JPY remains on the front foot for the seventh consecutive day while poking December 2015 top.
- Overbought RSI may trigger pullback moves but yearly support line defends bulls.
- Further upside has a bumpy road before hitting the ascending trend line from late 2019.
AUD/JPY rises to the fresh high in seven years during the one-week uptrend to Wednesday’s Asian session. That said, the quote rose to 90.66 while renewing the multi-day top, taking rounds to 90.50 by the press time.
Sustained trading beyond the one-year-old resistance line keeps AUD/JPY bulls hopeful inside a 27-month-old rising wedge bearish chart formation. However, overbought RSI conditions signal the quote’s pullback moves.
As a result, the 90.00 threshold gains the market’s attention before the early 2018 peak surrounding 89.00.
However, AUD/JPY bears remain cautious unless witnessing a daily closing below the aforementioned resistance-turned-support from March 2021, around 86.75 at the latest.
On the flip side, the December 2015 high of 90.72 and the 91.00 threshold challenges the immediate upside of the AUD/JPY prices.
Following that, the aforementioned wedge’s resistance line near 92.75 will be in focus.
AUD/JPY: Daily chart
Trend: Pullback expected
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