• AUD/JPY retreats from monthly high but defends the key resistance breakout.
• Firmer RSI, bullish MACD signals add strength to the upside bias.
• July’s peak appears an immediate hurdle, bears need validation from 94.70 to retake control.

AUD/JPY extends pullback from monthly high to 95.20 heading into Friday’s European session. Even so, the cross-currency pair stays on the bull’s radar as it keeps the previous breakout of the key hurdles amid firmer oscillators.

That said, the latest retreat remains elusive until breaking convergence of the resistance-turned-support line from early June and a three-week-old support line, near 94.70.

Following that, the mid-month low surrounding 93.00 could trigger the AUD/JPY rebound, if not then the 50% and 61.8% Fibonacci retracement of the pair’s May-June moves, respectively near 92.10 and 90.90, could lure the bears.

Meanwhile, recovery moves may initially aim for July’s peak of 95.75 ahead of challenging the yearly top marked in July at around 96.90.

Should the quote remains firmer past 96.90, and also cross the 97.00 hurdle, the AUD/JPY run-up could quickly challenge the 100.00 psychological magnet.

Overall, AUD/JPY buyers can ignore the latest pullback in prices unless witnessing a clear break of the 94.70 support level.

AUD/JPY: Daily chart

Trend: Further upside expected