- AUD/JPY eases from intraday top, attacks key support confluence including 100-HMA, channel support.
- 61.8% Fibonacci retracement holds the key to Thursday’s low, RSI weakness favor further selling.
AUD/JPY drops to 75.87, down 0.03% intraday, during early Monday’s trading. In doing so, the cross probes the support line of a two-day-old rising trend channel as well as 100-HMA.
Considering the latest weakness in RSI conditions, the quote is likely to extend the declines below 75.90/87 support joint. Though, 61.8% Fibonacci retracement of November 06-11 upside, near 75.73, can challenge the pair’s further downside.
During the quote’s weakness past-75.73, November 19 low around 75.40 and the 75.00 round-figure will lure the AUD/JPY sellers.
On the contrary, a recent top near 76.01 can probe the corrective recoveries targeting a confluence of the stated channel’s resistance line and 200-HMA, close to 76.15.
Also acting as an upside barrier is the falling trend line from November 11, at 76.30.
AUD/JPY hourly chart
Trend: Further weakness expected
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