AUD/JPY Price Analysis: Bullish flag favors run-up towards 77.00

• AUD/JPY stays positive near three-day high, buyers attack the upper-line of a bullish chart pattern.
• MACD regains bullish momentum, 100-bar EMA adds to the support.

AUD/JPY takes the bids near 76.55/60 during the initial hours of Tuesday’s Asian trading. The pair marked the heaviest upside in a week the previous day before portraying a bullish flag on the four-hour (4H) chart.

Given the MACD signals reprinting the color green, buyers are all set to confront the 77.00 while eyeing an upside break of the previous week’s peak surrounding 77.10.

However, a clear break of the flag’s resistance, at 76.72 now, becomes necessary before directing the AUD/JPY buyers toward the theoretical target beyond the 80.00 psychological magnet.

During the run-up, the recent high of 76.80, September month’s high of 77.73 and the August 31 top near 78.50 could entertain the bulls.

Meanwhile, the 76.00 round-figure may return to the charts during a corrective pullback that gains less attention unless breaking the 75.55/50 support confluence including 100-bar EMA and the formation’s lower-line.

AUD/JPY four-hour chart

Trend: Bullish