FxWirePro: AUD/JPY refreshes 3-month high above 83 mark, further upside on cards

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.35% higher on the day at 83.508 at around 10:10 GMT, outlook bullish.

The pair is extending previous session's stellar gains, closed 1.52% higher on Monday's trade.

Price action has broken crucial resistance levels at 200-DMA and 61.8% Fib, scope for further upside.

Aussie buoyed on surging energy prices. On Monday, U.S. crude touched $82.18 a barrel, its highest since late 2014, and Brent crude hit a three year high.

On the other side, the Japanese yen under pressure as Japan is a net energy importer and spiking energy prices weigh on consumption.

Momentum is strongly bullish, volatility is high and rising as evidenced by widening Bollinger bands. MACD and ADX support gains.

Support levels - 82.78 (61.8% Fib), 82.32 (200-DMA), 82.23 (5-DMA)

Resistance levels - 83.93 (76.4% Fib), 84, 84.90 (88.6% Fib)

Summary: AUD/JPY ha broken key resistance levels and is poised for further upside. Scope for test of 76.4% Fib at 83.93.