AUD/JPYs breach of 78.82 resistance suggests resumption of rise from 73.13. But upside momentum has been weak so far, and the cross couldn’t sustain above 78.82 yet. Also, we’d note again that AUD/JPY is facing a key resistance zone, between 55 month EMA and decade long falling channel. Risk of topping at around current level is high.
Nevertheless, break of 77.49 support is needed to signal short term topping first. Otherwise, further rally will remain in favor. Sustained break of the channel resistance will be a strong sign of long term bullish reversal. That would pave the way to 90.29 resistance in the medium term.
