AUD/JPY Price Analysis: Hits one-month highs, probes key hurdle

• AUD/JPY clocks one-month high on improved risk appetite. 
• The pair is yet to confirm a triangle breakout on the daily chart. 

AUD/JPY jumped to 76.77 a few minutes before press time. That was the highest level since July 22. 

The pair is now trading near 76.67 – the upper edge of a four-week-long narrowing price range or triangle pattern. 

A close above that level would confirm breakout and imply a continuation of the rally from June lows ear 72.50. In that case, the focus would shift to resistance at 77.44 (Feb. 8, 2019 low). 

Alternatively, a range breakdown would imply a short-term bullish-to-bearish trend change and could cause some buyers to exit the market, yielding a deeper decline toward 72.50. 

Daily chart

Trend: Teasing bull breakout

Technical levels