If we look at the 4-hour chart of the AUD/JPY cross currency pair, you can see that the 50 EMA is above the 200 EMA (Golden Cross), which indicates that a bullish bias still exists in the AUD/JPY currency, thus potentially bringing the currency to strengthen up to the level of 106.76 as the main target and if the momentum and volatility support it then it is not impossible that level 107.23 will be the next target to be aimed at but please pay attention to the appearance of a deviation pattern between price movements which creates a Higher High condition while the Stochastic Oscillator indicator actually forms a higher low pattern which indicates a potential correction weakening in the near term in AUD/JPY but as long as the weakening correction does not broken below the level of 105.56, the potential strengthening scenario as described is still ongoing.
(Disclaimer)