AUD/JPY Price Analysis: Pierces 92.00 on BOJ action, bulls eye August 2015 peak

• AUD/JPY renews seven-year high as BOJ offers to buy unlimited JGB at 0.25%.
• Bullish MACD adds strength to the upside momentum targeting 27-month-old resistance line.
• November 2015 high limits immediate downside ahead of the previous resistance from March 2021.

AUD/JPY takes the bids to refresh multi-day high around 92.30 during Monday’s Asian session. The pair’s latest run-up could be linked to the Bank of Japan’s (BOJ) Japanese Government Bond (JGB) offering, as well as sustained trading to the north of late 2015 peaks.

Read: Breaking: USD/JPY rips to highest levels since 2016 on BoJ announcement                                                                                                                                 

Given the bullish MACD signals supporting the AUD/JPY run-up beyond November 2015 top, the upside momentum eyes the August 2015 high surrounding 92.70.

However, an upward sloping resistance line from December 2019, around the 93.00 threshold, will challenge the AUD/JPY bulls afterward.

Meanwhile, pullback moves remain elusive beyond the late 2015 peak of 90.72, a break of which will direct AUD/JPY sellers towards the year 2017 high of 90.30 and then to the 90.00 round figure.

However, an upward sloping support line from March 2021, with previous resistance around 87.00, appears a tough nut to crack for the AUD/JPY bears.

Overall, AUD/JPY remains on the front foot despite having limited room on the upside for the short-term.

AUD/JPY: Weekly chart

Trend: Further upside expected