AUD/JPY Will Likely Continue Rising

Even though AUD/JPY is not a EUR-related currency pair the French presidential elections had an overall effect on the market and that pair too opened with a bullish gap that has not been recovered yet. The pair has been consolidating sideways above the resistance at 83.00, which coincides with the (MA)89 indicator on the four-hour time-frame, since the beginning of this week and so far there is no indication that it will break out below it. If anything, the signal is for a new move to the upside, as the pair has formed a hammer candlestick and a doji candlestick above that level on the same four-hour time-frame, as well a spinning top candlestic on the daily time-frame. If AUD/JPY does start moving to the upside the closest targets are at 83.80 and the previous high at 84.00.