AUD/JPY Price Analysis: Bulls eyes two-month-old resistance line above 77.50

• AUD/JPY takes the bids to refresh intraday high.
• Sustained trading above one-month-old support line, bullish MACD keeps buyers hopeful.
• An upward sloping trend line from early October lure the buyers, 10-day SMA adds to the downside filters.

AUD/JPY refreshes intraday high to 77.50 during the early Asian morning on Monday. In doing so, the pair extends the pullback moves from an ascending support line from November 02 amid the bullish MACD conditions.

As a result, AUD/JPY buyers are again targeting an upward sloping resistance line from October 09, at 77.62, during the further upside.

In a case where the quote remains positive past-77.62, the 78.00 round-figure and August month’s high near 78.45/50 will be in the spotlight.

Meanwhile, November’s peak and 10-day SMA, currently around 77.10, can probe AUD/JPY downside below the stated support line, currently around 77.30.

In a case where the AUD/JPY bears manage to break the 77.10 support, the 77.00 round-figure holds the key to further weakness towards the late-October lows near 75.40.

AUD/JPY daily chart

Trend: Bullish