AUD/JPY bulls gain momentum

AUD/JPY is trading upwards on the daily chart. The Australian dollar is climbing against the yen to recapture the six-year record highs after the first attempt in June. AUD/JPY buyers resumed the uptrend in early trades on Wednesday once they broke above the 96.196 previous top, seen on August 30. Currently, the 96.871 hurdle is challenging the accelerating bullish momentum. In a circumstance that the pair manages to close above this barrier, bulls’ attention will turn to keep the rise towards 97.626. Suppose the Japanese yen continues to suffer from highly dovish BoJ. In that case, 98.521 can be the next target for bulls.

Alternatively, if sellers defend the crucial resistance at 96.871, the pair may get back down to test the 96.198 previous level of interest. However, as long as AUD/JPY trades above the EMAs, the outlook remains bullish.

Short-term momentum oscillators reflect increasing buying pressure. RSI is rising in the buying area but still has room before reaching 70-level. Momentum is up, fair above the 100-threshold. We can also see a persistent increase in MACD bars, advancing the signal line in positive territory.