- AUD/JPY trims losses from multi-month top marked the previous day.
- MACD recedes bearish bias, key HMA, support lines stand tall to challenge the sellers.
- Bulls await fresh high since December 2018 to retake the controls.
AUD/JPY defies the previous day’s pullback moves from a 26-month high while keeping the bounces off 81.83, currently around 82.18, during the initial Asian session on Wednesday. In doing so, the aussie pair eyes to recall the buyers trying to refresh over two-year top.
However, 82.25 and the latest peak surrounding 82.40 guards the AUD/JPY pair’s immediate upside.
Following that, the September 2018 high of 82.50 will add filters to the run-up targeting December 2018 top close to 83.89.
Meanwhile, 50-HMA and an ascending trend line from the last Thursday, respectively around 82.00 and 81.80, limit the quote’s short-term declines.
In a case where the AUD/JPY sellers manage to sneak in below 81.80, the 200-HMA level of 81.14 will be the key to watch.
Overall, failures to break the immediate support, during the latest pullback, keep the AUD/JPY buyers hopeful.
AUD/JPY hourly chart
Trend: Bullish
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