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  • AUD/JPY stays depressed even as sellers failed to refresh the multi-day low on Thursday and Friday.
  • Three-day-old horizontal area, weekly resistance line also add to the upside filters.
  • June 12 low gains the bears’ attention with the 73.00 acting as additional support.

AUD/JPY drops to 73.44 during the early Monday morning in Asia. Even so, the pair remains above the lowest levels since June 22, tested on Thursday.

While MACD teases the bears, a short-term horizontal resistance around 73.85/90 precedes a falling trend line from October 26 and 200-HMA, respectively near 74.00 and 74.25, to tame the pair’s immediate recovery moves.

It should, however, be noted that the bulls’ ability to cross the 74.25 upside hurdle needs validation from the late-October tops close to the 75.00 before confirming the north-run towards the previous month’s top surrounding 76.55.

Alternatively, Thursday’s low of 73.13 and the 73.00 round-figure offer immediate support to the pair ahead of the June 12 bottom of 72.52.

If at all the bears dominate past-72.52, the March month’s peak surrounding 71.50 will be in the spotlight.

AUD/JPY hourly chart

Trend: Bearish