AUD/JPY Price Analysis: Bears are taking on the bullish commitments at key hourly support

  •  AUD/JPY consolidates in the 95.60s around a 61.8% Fibonacci retracement.
  • Failures below 95.50 opens risk of a deeper correction of the prior bullish impulse into the 95.20s.

AUD/JPY has melted from the fresh daily highs printed at the start of the week into an hourly support area making for a bullish prospect for the day ahead. The following illustrates the potential of a positive extension should the bulls commit a key hourly 61.8% Fibonacci retracement.

AUD/JPY daily chart

The price is attempting a break of daily resistance at the start of the week, printing the highest level since the start of Junes business with sights on the 96.50/80 area, extending its bullish August run. The bulls can lean on 95.20 support where prior daily highs meet a 50% retracement. 

AUD/JPY H1 chart

From an hourly perspective, AUD/JPY has carved out a support in the 95.60s around a 61.8% Fibonacci retracement that meets an hourly area of prior resistance. Should the bulls commit here, the psychological round 96.00 number could become vulnerable in the sessions ahead. Failures below 95.50 opens risk of a deeper correction of the prior bullish impulse into the 95.20s.

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