AUD/JPY Technical Analysis: Geared for a continued run, but long-term trendlines await

The last twenty-four hours have seen the AUD/JPY grind higher, clipping back over the 81.00 handle before beginning to consolidate heading into the Pacific-Asia trading session testing between the recent peak of 81.26 and the 200-period moving average providing near-term support from 81.00.

AUD/JPY, M5

Looking back over the past month, consolidation between 80.40 and 79.00 has largely been the name of the game, and with Thursday's breakout being aggressively one-sided, Aussie buyers looking to prolong a bullish recovery may be expecting a retracement back to the top-end of recent consolidation before bouncing off of the support-turned-resistance, and overextended hourly indicators are warning of growing potential for an intraday correction.

AUD/JPY, H1

The Daily candlesticks tell a much different story for the AUD/JPY, showing the pair running up into a descending trendline that has remained firmly in place since June of this year, and long AUD positions could run adrift as soon as the 81.50 key level.

AUD/JPY, D1