We’ve switched to a four-hour chart today to highlight a short-term opportunity on the AUDJPY.
The pair has rallied strongly over the past couple of weeks, moving off a low of 74.50 to presently be trading towards 79.50.
The shorter-term EMAs are crossed higher and the price action has moved above the longer-term EMA filter, which has turned positive.
Whilst we are bullish, we note horizontal resistance at 79.75, which would need to be cleared in order for us to be buyers.
To facilitate this, traders can set on stop buy orders at 79.85, with targets to 80.75.