AUDJPY has seen a continued ascension since the start of November, with the pair recently hitting yearly highs over $78.50.
During the specified period, a strong bearish divergence has seen a shift in sentiment away from the bullish momentum.
Prices now look to wane as the 23.6% of the 73.15/78.79 upside Fibonacci leg eyes the first target. Should this level be achieved, then another test at the 38.2% could come into fruition, with the upper border of the Ickimoku cloud being a confluence zone.
An intraday outlook shows that prices are currently trading in an ascending channel. Currently, another test at the median regression looks at the candles touching the top border of the Ichimoku cloud.
Should prices be engulfed, then another drop to the lower channel could be expected. However, should prices bounce of the said level, then the recent hidden bullish divergence would be verified.
From there, another test at the upper channel would see another attempt at pushing yearly highs towards the $79 handle.
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