- AUD/JPY waves around 13-day-old support line, 50% Fibonacci retracement of pair’s upside from mid-June low to August top.
- 100-day SMA offers additional downside filter, bullish MACD probe sellers.
- Buyers will wait for sustained trading beyond 76.50.
AUD/JPY seesaws around 75.50/55 during the early Wednesday morning in Asia. The aussie cross flashed heavy losses during the previous two days of the week before resting around a short-term support confluence. With the key SMA support raising bars for the bears’ entry, coupled with the bullish MACD, the quote may witness further consolidation.
In doing so, the 76.00 threshold and the early-September low near 76.20 can lure the short-term buyers ahead of the monthly top near 76.50.
Though, the pair’s ability to cross 76.50 on a daily closing basis will be enough for the AUD/JPY bulls to challenge July month’s high near 76.90.
On the contrary, a downside break of the 100-day SMA level near 75.40 can fetch the quote further towards the south, near to 61.8% Fibonacci retracement level of 74.80.
While the late-June tops near 74.40 may challenge sellers below the key Fibonacci support, any more declines will make AUD/JPY vulnerable to probe the September month’s low of 73.97.
AUD/JPY daily chart
Trend: Pullback expected
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