AUD/JPY Price Analysis: Carries gains from 50-day SMA above 69.00

• AUD/JPY rises to the weekly high after Thursday’s run-up.
• A sustained break of 61.8% Fibonacci retracement adds strength to the upside momentum.
• April high, 100-day SMA on the bulls’ radar.

AUD/JPY takes the bids to 69.14 amid the early Asian session on Friday. In doing so, the pair justifies its U-turn from 50-day SMA as well as a successful clearance of 61.8% Fibonacci retracement of its February-March fall.

Looking forward, buyers are targeting to challenge 70.00 round-figure ahead of the April month top surrounding 70.20.

It should, however, be noted that 100-day SMA and March month high, respectively near 71.05 and 71.52, could question the bulls beyond April’s peak.

Meanwhile, 68.90, comprising 61.8% Fibonacci retracement, as well as a 50-day SMA level of 67.60, restrict the pair’s immediate downside. Also acting as support is April 21 low close to 67.30.

AUD/JPY daily chart

Trend: Bullish