NAB discusses AUD/JPY technical outlook and adopts a low-conviction bias around current levels.
"MT momentum triggers (weekly RSI / MACD) imply that the MT uptrend is now sustainable. LT momentum bias is also positive," NAB notes.
While recent price action confirms that the multi-month uptrend is likely complete, we cannot ignore the multitude of positive MT/LT price triggers. We must reserved judgement on a directional view until we see a weekly close below / above the trend channel at 74.00 / 77.15," NAB adds.