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AUD/JPY Reviving an Uptrend?

AUD/JPY fell from a high of 97.92 last Friday to a low of 96.08 this week. Today, we are seeing price push above the 50-hour simple moving average (SMA), and above the falling trendline from last Friday's high. 

After a brief consolidation around the trendline, price is now moving north of it. If the 1H RSI also breaks above 60, the bearish momentum is lost. Then there is resistance around 97.00, around a previous resistance pivot and the 100-, and 200-hour SMAs. A break above that should might revive a bullish trend not online in the 1H chart but in the daily chart.

(AUD/JPY 1H Chart 9/24)

In the daily chart we can see that in August, AUD/JPY broke above a multi-month consolidation resistance at 96.50. The 96.00-96.50 area represents the resistance area of this consolidation and price is now treating this area as support, which confirms the bullish breakout. 

We can see that price is now back above the 50-day SMA which and the daily RSI held above 40, which shows revival of the bullish outlook and maintenance of the bullish momentum from the breakout. 

If price clears 97.00, we might get resistance from a falling trendline from the 98.67 high. But if price can hold above 96.40 on a pullback, the bullish outlook is still in play, with upside to 97.92 and 98.67 resistance pivots, and possibility of pushing beyond that into new highs on the year.

(AUD/JPY Daily Chart 9/24)