AUD/JPY Price Analysis: Teases inverse head-and-shoulders confirmation on 4H

• AUD/JPY picks up bids towards intraday high, about to confirm a bullish chart pattern.
• Sustained trading beyond 200-SMA, bullish MACD signals favor buyers.

AUD/JPY bulls attack the key hurdle to the north around 80.90 during early Tuesday. The risk barometer pair recently rose on upbeat prints of the preliminary Australia Retail Sales for August.

However, a clear upside break of the 81.00 threshold becomes necessary for the pair buyers before heading towards the monthly high of 82.02, even if the quote manages to confirm the inverse head-and-shoulders bullish chart pattern.

Even so, the September 10 peak surrounding 81.45 adds to the upside filters before the theoretical target surrounding July’s top near 84.20.

Meanwhile, pullback moves remain less worrisome until staying above the 200-SMA level of 80.25. Also acting as the downside filter is the 80.00 psychological magnet.

Should the AUD/JPY bears conquer the 80.00 round figure, a south-run towards the monthly low of 78.85 can’t be ruled out.

Overall, the pair’s ability to stay beyond the key SMA joins bullish MACD signals to keep AUD/JPY buyers hopeful.

AUD/JPY: Four-hour chart

Trend: Further upside expected