- The AUD/JPY is hanging near the 80.00 handle to kick off the new week after last week’s bullish recovery saw a sharp pullback on rising trade concerns.
- The Aussie is unlikely to receive much long-side support this week as market sentiment remains subdued.
- Mid-term traders will be looking for a moderate bounce off the 200-hour EMA before the bearish correction continues.
AUD/JPY Chart, 1-Hour
Spot rate | 80.07 |
Relative change | Negligible |
High | 80.18 |
Low | 79.95 |
Trend | Bearish |
Support 1 | 79.93 (200-hour EMA) |
Support 2 | 79.49 (61.8% Fibo retracement level) |
Support 3 | 78.76 (previous week low) |
Resistance 1 | 80.20 (50-hour EMA) |
Resistance 2 | 80.80 (previous week high) |
Resistance 3 | 81.00 (major technical level; key figure) |