AUD/JPY Price Analysis: Consolidates below 81.00 near 21-day SMA

• AUD/JPY edges higher on Thursday in the European trading hours.
• Bulls remain hopeful above the 21-day SMA at 80.54.
• Momentum oscillators indicate the underlying bullish sentiment for the pair.

AUD/JPY prints fresh gains in the  European trading hours on Thursday. After testing the high of 81.31 on Tuesday, the pair retreated toward 80.18 in the overnight session. The pair bounced back near 80.80. At the time of writing, AUD/JPY is trading at 80.65, up 0.41% for the day.

AUD/JPY daily chart

Technically speaking, the pair has been rising after taking support near the ascending trendline from the low of 77.89 and at the double bottom near 78.85 on September 21 & 22. Nevertheless upside pressure remains intact from the high of 84.93 since June 15.

Now, if the price sustains above the intraday high, it could test the psychological 81.00 level, which could be a probable sign of bullish reversal for AUD/JPY. In doing so, AUD/JPY bulls would recapture the 81.50 horizontal resistance level. Any uptick in the Moving Average Convergence Divergence (MACD) would amplify buying pressure toward the 82.00 horizontal resistance level.

Alternatively, a drop in the price would strengthen the outlook for the bears with the first target at Friday’s low of 80.00 followed by the 79.60 horizontal support level.

AUD/JPY additioanl levels