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  • AUD/JPY bounces off the multi-week support line.
  • RSI, MACD favor the bears, 21-day SMA acts as immediate resistance.
  • January month low adds to the support.

AUD/JPY holds onto the recovery gains while trading around 72.76 amid the early Asian session on Wednesday. In doing so, the quote portrays a pullback from the ascending trend line stretched from October 2019.

Even so, the MACD is still in its nascent stage of bearish signals while RSI is also a bit far from the oversold territory.

With this, sellers are still on the lookout for entry below the said support line, at 72.60, while targeting January month low near 72.45.

During the pair’s further declines below 72.45, 72.00 round-figure can offer an intermediate halt before highlighting October 2019 lows surrounding 71.70.

On the upside, the early-month bottom near 73.05 and 21-day SMA surrounding 73.50 can please short-term buyers during the pair’s pullback.

However, the pair’s additional rise past-73.50 enables it to challenge the monthly top close to 74.50.

AUD/JPY daily chart

Trend: Bearish