AUD/JPY Holds Uptrend as Dip Buyers Stay in Control

The broader uptrend in AUD/JPY is still intact, and dip buyers have stepped in each time support was tested. Risk appetite has been a key driver, sometimes even more important than rate expectations.

AUD/JPY bounced firmly from trend support, holds above the 50- and 200-day moving averages, and the RSI indicator supports further upside. A move above 109.66 could open the door back toward 110.80 and trend continuation.

Price is testing the uptrending channel started in October last year. A daily break below the channel could make the price go down in the short term, which will attract even more buyers. So the broader bias still remains bullish.

AUD/JPY Daily Chart