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  • AUD/JPY registers another failure to cross 200-day SMA.
  • 71.10-71.00 can offer immediate support ahead of 100-day SMA.
  • January month low adds to the upside barriers.

AUD/JPY drops to 71.70 ahead of the Tokyo open on Monday. The pair recently stepped back from the highest since February 28. However, bullish MACD and sustained trading beyond 100-day SMA keep the buyers hopeful.

Even so, the quote’s pullback to 71.10-71.00 supply zone comprising late-May tops can’t be ignored.

During the sellers’ dominance past-71.00, highs marked in late-April and early-May join 100-day SMA, around 70.20/15, to keep the further downside restricted.

Should there be a clear decline below 70.15, May 14 high of 69.26 and 61.8% Fibonacci retracement of February-March fall, near 68.90, could lure the bears.

On the upside, a daily closing beyond a 200-day SMA level of 72.14 needs to cross January month low of 72.44 to aim for the early February month’s low surrounding 73.00.

AUD/JPY daily chart

Trend: Bullish