AUD/JPY Technical Analysis: Path of least resistance is on the higher side

• The bullish crossover between the 50-hour moving average (MA) and the 200-hour MA indicates that for the AUD/JPY, the path of least resistance is on the higher side.
• The 14-hour relative strength index (RSI) is rolling over from the overbought territory. As a result, a minor pullback could be in the offing before further upside unfolds.
• A daily close above 80.45 - resistance of the trendline connecting the July 19 high and July 31 high - would bolster the bullish setup on the hourly chart.

Hourly chart

Spot Rate: 80.43

Daily High: 80.60

Daily Low: 80.42

Trend: Bullish

Resistance

R1: 80.45 (trendline resistance)

R2: 80.80 (previous day's high)

R3: 81.00 (psychological level)

Support

S1: 80.00 (psychological support)

S2: 79.67 (200-hour MA)

S3: 79.51 (100-hour MA)