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  • AUD/JPY remains depressed after Friday’s pullback from two-week top.
  • Trend reversal suggesting candlestick below key resistance line favors sellers.
  • Bullish MACD, strong RSI keep buyers hopeful of a bounce from the key SMA.

AUD/JPY stays pressured around 80.00 during the early Asian trading session on Monday. The quote rose to the highest since January 15 on Friday before stepping back from a three-week-old resistance line, which in turn flashed a Doji candlestick on the four-hour (4H) chart.

Given the candlestick’s nature and sustained trading below the short-term resistance line, AUD/JPY sellers are currently targeting 200-bar SMA, at 79.55 now. However, bullish MACD and normal RSI conditions may challenge bears around Friday’s low of 79.80.

In a case where the bears dominate past-79.55, Thursday’s bottom near 79.20, the 79.00 threshold and the previous month’s low surrounding 78.85 should return to the chart.

Meanwhile, 80.50 can act as an immediate upside barrier during the quote’s corrective pullback, a break of which will confront the stated resistance line from January 08, currently around 80.65.

Also acting as the key resistance is January’s top of 80.92 and the 81.00 round-figure.

Overall, AUD/JPY is up for a corrective move not only because of the technical details but also due to its risk-barometer status.

Read: AUD/USD: Bears eye 0.7600 as risk aversion extends into February

AUD/JPY four-hour chart

Trend: Further weakness expected