- AUD/JPY remains positive near the monthly top.
- Sustained trading beyond 61.8% Fibonacci retracement, bullish MACD keep buyers hopeful.
- 50-day EMA adds to the support.
AUD/JPY remains positive around 69.7 during the initial Asian session on Monday. The pair successfully cleared 50-day EMA and 61.8% Fibonacci retracement of February-March fall during the last week.
As a result, buyers are now focusing on a 100-day EMA level of 70.14 as an immediate target before moving ahead for March month top near 71.52.
Meanwhile, a daily closing below 68.90 support confluence can drag the pair back to the three-week-old rising trend line, around 67.73 now.
It should, however, be noted that the pair’s further weakness below 67.73 might not hesitate to challenge 50% Fibonacci retracement level of 67.20.
AUD/JPY daily chart
Trend: Bullish
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