AUD/JPY technical analysis: 76.35/40 is the level to beat for buyers

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  • Three-week-old resistance-time continues to restrict the pair’s upside.
  • Latest lows can offer strong downside support ahead of highlighting January’s bottom.

Despite bounce off during late last week, the AUD/JPY pair still remains under three-week-long trend-line resistance as it trades near 76.00 during the early Asian session on Tuesday.

As a result, buyers need to confront 76.35/40 area comprising resistance-line in order to justify their strength in targeting May 10 highs near 77.30.

Should there be additional upside past-77.30, the quote can aim for 78.00 while 78.10/15 horizontal-area comprising late-April lows might question bulls then after.

On the downside, 75.70 and 75.30 seem nearby supports to watch ahead of observing 75.00 as a support.

In a case where prices continue trading southwards past-75.00, July 2016 bottom near 74.60 and June low of 72.40 can please bears.

AUD/JPY 4-Hour Chart

Trend: Pullback expected

 

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