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  • The Australian Dollar (AUD) is taking the bids near 78.95 against the Japanese Yen (JPY) on early Thursday.
  • AUD/JPY is forming an inverse head and shoulders pattern on the hourly chart that needs to be validated by a sustained break of 79.00 neckline figure.
  • Should this happen, prices can rally theoretically towards $80.00 but a descending trend-line stretched since February 25, followed by the late last-month high, may challenge buyers around 79.40 and 79.80.
  • In a case prices witness pullback, 50% Fibonacci retracement level near 78.70 and 78.30 are likely immediate supports to watch.
  • During the pair’s additional weakness post-78.30, 78.00 and 77.70 may flash on bears’ radar.

AUD/JPY hourly chart

Additional important levels:

       Today Last Price:  78.94
       Today Daily change:  8  pips
       Today Daily change %:  0.10%
       Today Daily Open:  78.86
       Daily SMA20:  78.94
       Daily SMA50:  78.46
       Daily SMA100:  79.72
       Daily SMA200:  80.6
       Previous Daily High:  78.93
       Previous Daily Low:  78.51
       Previous Weekly High:  79.65
       Previous Weekly Low:  77.72
       Previous Monthly High:  79.85
       Previous Monthly Low:  77.44
       Daily Fibonacci 38.2%:  78.77
       Daily Fibonacci 61.8%:  78.67
       Daily Pivot Point S1:  78.6
       Daily Pivot Point S2:  78.35
       Daily Pivot Point S3:  78.18
       Daily Pivot Point R1:  79.02
       Daily Pivot Point R2:  79.19
       Daily Pivot Point R3:  79.44