- AUD/JPY lingers between short-term support-line and key HMA.
- 2-day old descending trend-line adds to the resistance.
Despite bouncing off 9-day old ascending trend-line, AUD/JPY still remains below the 200-hour moving average (HMA) as it trades near 75.80 during early Wednesday.
Adding to the upside barriers are 23.6% Fibonacci retracement level of 75.93 and the downward sloping trend-line stretched since Monday, at 76.03.
In a case prices manage to rise past-76.03, the 76.30/35 area comprising current month high and May 09 low become key for buyers to watch.
On the contrary, a downside break of 75.65 might take a rest on 61.8% Fibonacci retracement level of 75.55 ahead of aiming July 18 low of 75.44 and July 11 bottom close to 75.17.
AUD/JPY hourly chart
Trend: Pullback expected
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