Forex: AUD/JPY, clean break above 96.80 allows 97.40

The AUD/JPY is again not far from threatening trend highs at 97.40, first printed on Feb 5, as price keeps pressing against 96.80/90, key intraday resistance. "Clearing this should put focus on the 97.40 high, above which we have yet a more clear picture of bullish continuation" notes Fan Yang, chief technical at FXTimes.

Mr. Yang expands: "Taking a closer look from the 1H chart, we see that the RSI has tagged 70 and held above 40 during the breakout process. However, it has not returned back above 60 as the market consolidates in this time-frame, still deciding whether to extend the breakout. A push above 60 should reflect bullish continuation in this time-frame."