AUD/JPY Technical Analysis: Bullish breakout on the hourly chart

• The AUD/USD has moved above 79.89 - the confluence of the upper end of the symmetrical triangle and 200-hour exponential moving average - signaling a bullish symmetrical breakout.
• The breakout indicates that the sell-off from the Oct. 2 high of 82.48 has ended at the recent low of 79.04 and has likely opened up upside toward 80.60 (Oct. 10 high).
• On the downside, a break below 79.48 would weaken the bullish case.

Hourly Chart

Spot Rate: 79.89

Daily High: 79.94

Daily Low: 79.68

Trend: Bullish above 79.89

Resistance

R1: 80.14 (10-day EMA)

R2: 80.36 (38.2% Fib R of 82.51/79.04)

R3: 80.60 (Oct. 10 high)

Support

S1: 79.48 (previous day's low)

S2: 79.04 (Oct. 11 low)

S3: 78.68 (Sept. 7 low)