AUD/JPY Price Analysis: Bulls attack 75.50 key resistance

• AUD/JPY stays on the front foot following consecutive four days of uptrend.
• Bullish MACD, sustained trading beyond 200-HMA favor buyers.
• Wednesday’s high restricts immediate upside within immediate ascending triangle.

AUD/JPY keeps the previous day’s upside momentum while rising to 75.42 during the early hours of Friday’s Asian trading. Although the quote successfully recovered from the late-June lows, tested on October 29, the high marked on Wednesday around 75.50 holds the gate for further upside.

Considering the AUD/JPY bulls’ ability to keep the reins above 200-HMA, coupled with the bullish MACD, the north is the direction to watch.

As a result, a sustained upside past-75.50 will aim for October’s top surrounding 76.52. However, the 76.00 round-figure may offer an intermediate stop during the rise.

Meanwhile, the 75.00 threshold offers immediate support to the AUD/JPY prices. Though, the downside break of the weekly support line, at 74.73 now, will reject the ascending triangle and highlight the 200-HMA level of 74.20 on the bears’ radars.

It’s worth mentioning that an extended south-run past-74.20, will have multiple rest-points near the 74.00 mark, a break of which can probe the monthly low near 73.20.

AUD/JPY hourly chart

Trend: Bullish