On Thursday, the AUDJPY cross was up half a percent, trading at fresh cycle highs around 77.00.
Previous highs are near 76.80, and as long as the Aussie remains above them, the short-term outlook appears bullish (but also the medium and long-term trends seem bullish).
The next medium-term target could be at the psychological level of 80.0. However, before then, the cross needs to conquer a stronger selling zone of previous lows at around 77.60.
Alternatively, should sentiment worsen, and the price declines back below 76.80, we could see an immediate drop to 76.45, which will be another major support.
Volatility is expected to be elevated throughout the day as Jerome Powell gives a speech in Jackson Hole, which will most likely influence the financial markets.