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  • AUD/JPY stretches recoveries from 75.50 towards a five-month top of 76.20.
  • A sustained break of a 29-month-old falling trend line keeps bulls hopeful.
  • March 2019 low to lure the buyers beyond 100-week SMA.
  • February 2020 top may question the bear below the said long-term trend line.

AUD/JPY confronts the key 100-week SMA while taking rounds to 75.80 during the early Asian session on Friday. The pair earlier broke a falling trend line from January 2018 while bullish MACD signals keep the buyers positive to refresh the yearly top.

Even so, a sustained break above 76.00, comprising the 100-week SMA, will be needed for the quote to challenge January 2020 to near 76.51.

Should the pair remain positive beyond 76.51, March 2019 low near 77.55 will return to the chart.

Meanwhile, the pair’s pullback below the resistance-turned-support line, currently near 75.15, could trigger fresh selling towards the February month’s high of 74.47.

During the AUD/JPY pair’s additional weakness past-74.47, January 2020 low near 72.44 and August 2019 bottom surrounding 70.32 will be the keys to watch.

AUD/JPY weekly chart

Trend: Pullback expected