AUD/JPY chart - Trading View
AUD/JPY extends bull run for the 3rd straight week, hits new 39-month highs at 85.69.
The pair was trading at levels unseen since 5th Feb 2018, outlook strongly bullish.
GMMA indicator shows major and minor trend are strongly bullish with near and long term moving averages biased higher.
Volatility is high and rising and Stochs and RSI are sharply higher. MACD and ADX support gains in the pair.
Overbought oscillators warrant caution. That said, pullbacks are likely to be shallow and cloud offers strong support.
Price action has shown a break above crucial resistance at 200-month MA at 84.73. The pair is on track to test next major resistance at 88.6% Fib at 86.83.
Immediate support is seen at 5-DMA at 84.90. Failure to hold above 200-month MA negates further bullishness.