AUD/JPY Price Analysis: Bulls approach 94.80 hurdle

• AUD/JPY picks up bids to renew intraday top during three-week uptrend.
• Sustained break of five-week-old resistance, bullish MACD signals favor buyers.
• 50-DMA, tops marked since late September restrict immediate upside.

AUD/JPY stays on the front foot for the third consecutive day as bulls keep the reins at a fortnight high near 94.40 during Wednesday’s Asian session.

In doing so, the cross-currency pair extends the week-start breakout of a downward-sloping resistance line from September 13, now support around 92.45, amid the bullish MACD signals.

That said, the 50-DMA and tops marked since late September challenge the AUD/JPY buyers around 94.65 and 94.80.

During the quote’s run-up beyond 94.80, the 95.00 threshold and July’s peak surrounding 95.70 could challenge the AUD/JPY upside ahead of the late September swing high of around 96.65.

In a case where the bulls keep the reins past 96.65, an upward trajectory toward the previous monthly top near 98.75 can’t be ruled out.

Alternatively, pullback moves remain elusive beyond the previous resistance line near 92.45.

Even so, the 200-DMA level surrounding the 91.00 and the 90.00 psychological magnet could challenge the AUD/JPY bears afterward.

It’s worth noting that the low marked in May around 87.30 appears the last defense for the AUD/JPY buyers, a break of which won’t hesitate to direct the quote towards the yearly bottom near 80.35. The October 2020 peak around 86.35 may offer an intermediate halt during the anticipated fall

AUD/JPY: Daily chart

Trend: Further upside expected