AUD/JPY follows risk sentiment to push higher and break the 4-hour 55 EMA

• AUD/JPY is 0.65% higher on Monday tracking positive risk sentiment.
• The cross broke the 55 Exponential Moving Average (EMA) and could retest the highs.

AUD/JPY 4-hour

The risk related  AUD/JPY cross has continued to trade the pattern of equities markets. In trading today the price has broken above the trendline on the 4-hour chart. This also coincides with the break of the 55 (EMA).

Above the current price zone, the 75.00 level is the next psychological resistance zone. On the chart, the internal trendline in black support the price move and could be important once again in the future. 

Dow and Elliott wave analysts might be waiting to see if the price waves make a lower high at the 76.4% or 61.8% retracement on this current move higher. The MACD indicator histogram has moved into the green but the signal lines hare still below the mid-zone. Until the point, the signal lines cross it would be hard to tell if the trend higher is resuming unless of course, the high on the chart breaks.

Additional levels