AUD/JPY Technical Analysis: Bounces 60 pips from 200-hour MA on upbeat Aussie data, eyes recent high of 79.40

An above-forecast Australian retail sales and trade numbers released a few minutes ago put a bid under the Aussie dollar, helping the AUD/JPY pair chart a strong bounce from the 200-hour moving average (MA) support of 78.53 to 79.15.

With the 60-pip move, AUD/JPY's hourly relative strength index (RSI) has broken higher from the falling channel, indicating scope for further gains toward the recent high of 79.40.

A break above that level cannot be ruled out as an improved risk appetite will likely keep funding currencies like JPY under pressure.

The bullish case would weaken if and when the pair finds acceptance below the 200-hour MA support of 78.53. As of writing, the AUD/JPY pair is trading at 79.06. 

Hourly chart

Trend: Bullish