AUD/JPY Price Analysis: Nearer to 86.00, bulls are well on their way to weekly resistance

• AUD/JPY bulls are in control and eye the 86 area.
• Hourly dynamic support underpins the upside potential. 

As per the prior day's analysis, AUD/JPY Price Analysis: Bulls eye the 86.00 area, the price has rallied towards the target area. 

AUD/JPY prior analysis

''AUD/JPY has been correcting from the daily highs this week and is now basing around a daily 61.8% Fibonacci retracement level near 84 the figure. The price has rallied from there leaving a strong bullish close on the charts from where demand could follow through for the days ahead and ultimately lead to prospects of a fresh high in this daily bullish cycle.''

AUD/JPY live market

As illustrated, the price is well on its way towards the targetted area near 86 the figure. However, it was explained that there is weekly resistance, so chasing the price at this stage would be very risky business. If anything, bears can be getting prepared for a reversion in the coming days:

AUD/JPY weekly chart

The W-formation is a reversion pattern and the price would be expected to pull back into the neckline of the W which resides between 84.30 and 83.68 for the weeks ahead. 

AUD/JPY H1 chart

On the other hand, for lower time frame traders, while the weekly resistance is near, there are still prospects for an opportunity to long AUD/JPY at a discount as the chart above illustrates.