Home AUD/JPY technical analysis: 100-day SMA, 61.8% Fibo. challenge latest recovery
FXStreet News

AUD/JPY technical analysis: 100-day SMA, 61.8% Fibo. challenge latest recovery

  • AUD/JPY bounces off a multi-week long falling trendline.
  • 100-day SMA, 61.8% Fibonacci retracement question buyers amid bullish MACD.

Despite taking a U-turn from resistance-turned-support, the AUD/JPY pair is yet to clear near-term key resistance-confluence as it takes the bids to 73.70 during early Monday morning in Asia.

The pair respects bullish signal of 12-bar Moving Average Convergence and Divergence (MACD) while bouncing off a downward-sloping trend-line since late-July. However, bulls need a confirmation as 73.83/88 resistance area, comprising 100-day Simple Moving Average (SMA) and 61.8% Fibonacci retracement of July-August downpour, remains untouched.

Should prices rally beyond 73.88 on a daily closing basis, September month high near 74.50 becomes buyers’ favorite whereas early-July lows close to 75.10/20 could question further upside.

Alternatively, pair’s declines below the resistance-turned-support line of 73.58 highlight 50% Fibonacci retracement level of 73.13 as following rest.

In a case where the pullback lasts longer below 73.13, 72.50 and monthly bottoms around 71.70 could lure bears.

AUD/JPY daily chart

Trend: pullback expected

 

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.