The Australian Dollar remains on the offensive against the Japanese Yen despite some consolidation last week. AUD/JPY continues to trade within the boundaries of a Rising Wedge formation on the daily chart below. Since prices remain within the pattern, the outlook remains tilted to the upside. Meanwhile, a bullish Golden Cross formed between the 20- and 50-day Simple Moving Averages.
These lines may hold as support in the event of a turn lower, maintaining the near-term upward focus since December. Extending gains may see prices push towards the ceiling of the wedge, with the 78.6% Fibonacci retracement not too far above at 84.662. Beyond that sits the 2021 high at 86.261. In the event of a wedge breakout lower, that would likely shift the outlook bearish given confirmation. Key support seems to be the 82.028 – 81.657 inflection zone before the 23.6% level at 80.553.