- Sustained trading beyond short-term key MA highlights 3-day old resistance-line for buyers.
- 74.82/80 becomes the key confluence on the downside.
With the 200-bar moving average (4H 200MA) limiting the AUD/JPY pair’s immediate declines off-late, the quote takes the rounds to 75.43 by early Asian session on Wednesday.
Not only failure to slip beneath the short-term key moving average (MA) but the absence of turnaround signal from 14-bar relative strength index (RSI) also favors the quote’s recovery to 3-day long resistance-line, at 75.65.
In a case where prices rally beyond 75.65, buyers can take control to challenge latest high around 76.28.
Meanwhile, a downside break of 75.32 MA support might not refrain from dragging the prices to 50% Fibonacci retracement of its fortnight-long up-move at 75.10.
However, near-term upward sloping support-line and 61.8% Fibonacci retracement confluence around 74.82/80 could restrict the pair’s declines past-75.10.
AUD/JPY 4-hour chart
Trend: Pullback expected
Share
