USD/JPY rallying from trendline support
IN_USDJPY is moving higher, despite a period of weakness overnight which brought price back into trendline support. That support has held once more and is helping push the pair higher, towards the crucial ¥105.23 mark.
Should we see an hourly close above ¥105.23, then this would provide evidence that we are likely to push onwards from here. Given the bullish breakout seen on the daily chart, there is a strong possibility we could see this pair run higher.
However, the key will be whether ¥105.23 can be surpassed.
AUD/USD rallies towards trendline resistance
AUD/USD has moved sharply higher overnight, following on from a clear bottoming out which originated at the 76.4% retracement. We are seeing price approach a trendline around $0.7680.
The wider picture points towards a possible bullish breakout. However, given the extended nature of recent gains, coupled with the existence of trendline resistance up ahead, it makes sense to be cautious of a potential retracement.