Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
The AUDJPY has been resilient since reaching its year-to-date low in June.
Following that 73.92 print on June 18th, AUDJPY started to carve higher lows. You can see that in the July 3rd and 11th lows.
So far, buyers aren’t shy about bidding at these higher prices.
However, AUDJPY bulls still have a crucial test in front of them.
I’m referring to the 76.15/30 region.
You can see how it has capped every advance by the pair since it closed below the level on May 13th.
If we take a step back, the price action since May is starting to form a bottoming pattern of sorts.
But buyers need to take out that resistance area between 76.15 and 76.30 first.
Until that occurs, the AUDJPY will remain under pressure.
A daily close above 76.15/30 would expose the prior range lows at 77.50.
Alternatively, bearish price action such as a pin bar from the 76.15/30 area could take AUDJPY back to 75.60 and perhaps 75.00.