AUD/JPY Price Analysis: Sees further upside towards 50-DMA on RBA Minutes

• AUD/JPY takes the bids to refresh intraday high on RBA Minutes.
• Policymakers also discussed 40 bps rate hike, per the Minutes.
• Clear break of the weekly falling trend line, steady RSI underpin upside momentum.
• Bears need validation from the 50% Fibonacci retracement level.

AUD/JPY extends the short-term resistance breakout following the RBA’s monetary policy meeting minutes on early Tuesday. That said, the quote refreshes the intraday high to 90.50 during the three-day rebound from a two-month low.

Read: RBA Minutes: A more hawkish consideration is putting a bid into the Aussie

Given the trend line break joining firmer comments from the RBA Minutes, buyers are ready to challenge the 50-DMA hurdle surrounding 91.10. However, the 91.00 threshold will act as an intermediate halt during the rise.

In a case where the AUD/JPY prices rise past 91.10, the odds favoring the bull’s run-up towards the monthly high around 94.00 can’t be ruled out.

Alternatively, the resistance-turned-support near 89.50 restricts the short-term pullback of the AUD/JPY.

Following that, the 50% Fibonacci retracement (Fibo.) of January-April upside, near 88.05, will precede the monthly low of 87.30 to challenge the bears.

AUD/JPY: Daily chart

Trend: Further upside expected