AUD/JPY Price Analysis: Bulls attack weekly hurdle above 93.00 on upbeat Aussie data

• AUD/JPY renews intraday high as bulls approach one-week-old resistance line.
• Australia’s trade numbers for June signals firmer surprise contrasting the softer Import, Export data.
• Sluggish MACD tests upside momentum but sustained break of 100-HMA favors bulls.
• 200-HMA acts as the additional resistance before highlighting June’s top.

AUD/JPY justifies firmer Aussie trade numbers while picking up bids to refresh the daily top near 93.10 during Thursday’s Asian session. In doing so, the cross-currency pair approaches a weekly resistance line while keeping the successful break of the 100-HMA.

Given the sluggish MACD signals, the AUD/JPY prices are likely to remain sidelined.

That said, Australia’s Trade Balance rose to 17,670M in June, well beyond the 14,000M forecast and 15,965M prior. However, Imports and Exports both eased to 0.7% and 5.1% during the stated month versus respective priors of 5.8% and 9.5%.

It should be noted that the quote’s upside break of the 93.25 trend line hurdle will need validation from the 200-HMA resistance of 93.65 to recall the AUD/JPY bulls.

On the contrary, a convergence of the 100-HMA and 38.2% Fibonacci retracement of July 27 to August 02 downside, near 92.50, appears a tough nut to crack for the AUD/JPY bears.

Following that, the 23.6% Fibonacci retracement level near 91.70 could probe the downside momentum ahead of the weekly low near 90.50.

AUD/JPY: Hourly chart

Trend: Further upside expected