- The sustained trading below key MA, declining RSI favor the further downside.
- Sellers will seek a break of 50% Fibonacci retracement to aim for 75.13.
Despite bouncing off 50% Fibonacci retracement of late-June increase, the AUD/JPY pair couldn’t clear 200-hour moving average (HMA) as it drops to 75.43 during early Thursday.
The pair now drops towards 75.30 support comprising 50% Fibonacci retracement, a break of which can help sellers to aim for month’s low near 75.13.
Adding to the bears’ strength could be gradually declining but far from oversold territory levels of 14-day relative strength index (RSI).
Should prices slip beneath 75.13, 75.00 round-figure and June 25 low near 74.33 could flash on sellers’ radar.
Alternatively, an upside clearance of 75.64 encompassing 200-HMA can propel the quote to 75.92/94 multiple resistance area that holds the key to pair’s further run-up in the direction to 76.30.
AUD/JPY hourly chart
Trend: SIdeways
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