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AUD/JPY could be ready to continue rising

Currently, AUD/JPY is still trending up as no lower lows have been confirmed. The pair has been ranging since it reached a high of 97.26 on May 14. The sideways corridor boundaries are between 95.00 and 97.00.

The Fibonacci, applied to the upper trendline breakout point showed a clear rejection of the 38.2% support level S2 (94.46) that was followed by rejection of the 50% support level S1 (94.99). At the same time, the pair rejected the lower uptrend trendline which looks like a confirmation of the rate to move higher.

While the pair is trading between R1 (95.52) and S1 (94.99), consider buying on pullbacks, targeting the area aroubd 97.00, where the double top is spotted and which is a psychological resistance. A break below S2 could only extend the consolidation but should not reverse the trend down.

Support: 94.99, 94.46

Resistance: 95.52, 96.18, 97.00

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