AUD/JPY Price Analysis: Bulls eye the 0.86.00 area

• AUD/JPY bulls are looking for an optimal entry point.
• Weekly resistance in the 86.00 area could be calling. 

AUD/JPY has been correcting from the daily highs this week and is now basing around a daily 61.8% Fibonacci retracement level near 84 the figure. The price has rallied from there leaving a strong bullish close on the charts from where demand could follow through for the days ahead and ultimately lead to prospects of a fresh high in this daily bullish cycle.

AUD/JPY daily chart

The bigger picture, however, is clouded by weekly highs. There is also a W-formation that is forming with this week's business. While there is scope to the upside, buying so close to resistance is always riskier:

AUD/JPY weekly chart

Meanwhile, for those that have more of an appetite for riskier set-ups, the 4-hour time frame is shaping up:

AUD/JPY H4 chart

The price is correcting from a strong bullish impulse and should the prior highs act as support, then demand could see the price lifted beyond the current resistance and continue towards the weekly resistance area.