- AUD/JPY fails to recover beyond immediate trend-line resistance, needless to mention the inability to cross 73.84/92 resistance area.
- 71.23 can offer an intermediate halt before pushing bears to 70.75/70 support-zone.
Despite trimming some of its losses on the previous day, the AUD/JPY pair remains on the back foot while making the rounds to 71.73 during early Thursday.
While pair’s failure to cross 4-day long descending trend-line portrays its weakness, Tuesday’s low near 71.23 can offer nearby support amid oversold conditions of 14-day relative strength index (RSI).
If at all sellers dominate below 71.23, the 70.75/70 area comprising lows marked yesterday and in January will become the key for bears to watch ahead of targeting 70.00 round-figure.
On the upside, intra-day buyers can enter on a break of the aforementioned resistance-line, at 72.22. Though, June month low and 23.6% Fibonacci retracement of December 2018 to January 2019 downpour could restrict further advances near 73.84/92.
Should prices rise past-73.92, June 19 high around 74.78 will act as a buffer during the rise to 75.00 mark.
AUD/JPY daily chart
Trend: Bearish
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