The AUD/JPY traded around 102.70 on Tuesday, hovering above the lower boundary of the ascending triangle on a daily chart. Additionally, the 14-day Relative Strength Index (RSI) is above the 50-level, reinforcing the bullish sentiment.
The immediate resistance is observed at the psychological level of 105.00, coinciding with the upper boundary of the triangle. A breakthrough above this area could propel the AUD/JPY cross to test the highest level of 105.43 recorded in April 2013.
On the downside, immediate support for the AUD/JPY pair might be encountered at the psychological level of 102.00, aligning with the lower boundary of the triangle. If the pair breaches below this level, it could lead to a further decline toward the nine-day Exponential Moving Average (EMA) at 101.51
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