AUD/JPY Price Analysis: Bulls seeking test of daily dynamic resistance, eye 80.80

• AUD/JPY is consolidated near-daily dynamic resistance.
• Bulls will seek a test of the resistance and prospects for higher grounds to 80.80.

AUD/JPY has broken daily highs and a prior resistance structure of 80.10/15.

The bulls are now seeking to challenge dynamic resistance and eye 10 Aug lows that have a confluence with the 78.6% Fibonacci retracement near 80.80. 

Failures there or below dynamic resistance would be expected to result in a downside continuation on the longer-term time frames.

Daily charts

The bulls will be seeking a break of the current daily horizontal resistance and the dynamic resistance as drawn above. 

Alternatively, the price could fail at the various levels of daily resistance, as illustrated above. 

1-hour charts

The bulls closed above a 61.8% Fibonacci retracement and thus, the 78.6% Fibo near 80.80 is in view. 

This has a confluence with the neckline of the M-formation as well 

The bulls will be seeking a break from the current consolidation for a run towards the daily targets between 80.70/80.

Failing a move higher, the bears will seek a break of the dynamic trendline support which could spell a top from a medium-term basis.