AUD/JPY Technical Analysis: 4-week old trendline caps upside at 79.35, Australian jobs awaited

0
  • AUD/JPY is taking the bids around 79.00 on early Thursday.
  • Pair continues to find difficulties in crossing four-week-old descending trend-line, at 79.35 now, ahead of monthly Australian employment data.
  • As a result, 50% Fibonacci retracement of February month rise, at 78.65, becomes important for sellers in case job numbers spread disappointment.
  • Should prices refrain from respecting 78.65 support, 61.8% Fibonacci retracement level near 78.30, followed by 78.10, could lure bears.
  • Assuming the quote’s extended south-run beneath 78.10, 77.70 and 77.40 could come back on the chart.
  • Meanwhile, an upside break of 79.35 can quickly trigger price up-moves to 79.60 ahead of highlighting February month high near 79.85 and then drawing market attention to 80.00.
  • It should also be noted that a price rally beyond 80.00 gives importance to the 200-day simple moving average (SMA) figure of 80.45 as resistance.

AUD/JPY 4-Hour chart

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.