AUD/JPY Price Analysis: Down for the day but bulls not out of the woods

• AUD/JPY steps back after refreshing multi-day top, snaps two-day uptrend.
• 100-DMA, bullish MACD signals defend buyers inside two-month-old rising challenge.
• 200-DMA adds to the upside filters, rising support line from September 23 also probe bears.

AUD/JPY eases from multi-day high, bouncing off intraday low of 81.85 during Monday’s Asian session.

In doing so, the quote consolidation recent gains while stepping back from the highest levels since mid-July but stays defends Friday’s 100-DMA breakout amid bullish MACD signals.

That said, the pair sellers may remain cautious until witnessing a clear break of the stated SMA support, around 81.80 by the press time.

Following that, a two-week-old support line near 81.00 and July’s low close to 79.85 may entertain AUD/JPY bears before directing them to the two-month-long ascending trend channel’s support near 79.40.

On the flip side, 200-DMA and an upper line of the stated channel formation, respectively around 82.35 and 82.70, may challenge short-term AUD/JPY bulls.

However, a clear upside break of 82.70 enables the quote to aim for July’s monthly peak of 84.20.

AUD/JPY: Daily chart

Trend: Bullish