- AUD/JPY stays depressed near the lowest since November 09.
- Receding MACD strength, weakness in trading sentiment weigh on the quote ahead of the Aussie employment data.
AUD/JPY drops to 75.84 during the early Thursday morning in Asia. In doing so, the aussie cross declines for the third day in a row while challenging the 100-day SMA near the lowest in over a week.
A close look at the chart suggests receding upside momentum strength, as signaled by MACD, ahead of the key October monthly jobs report from Australia. Also keeping the pair hopeful is the latest risk-off mood amid the coronavirus (COVID-19) woes.
As a result, a clear downside break of the 75.70 immediate support, comprising 100-day SMA, can drag the quote further south to the late-October tops near 74.95. Though, any further weakness will be challenged by September’s bottom around 73.97.
In a case where AUD/JPY bears refrain from respecting the 73.97 support, the previous month’s low of 73.13 and the 73.00 round-figure could become their favorites.
On the contrary, the 76.00 round-figure and 76.30 can lure countertrend traders before highlighting 76.80 and the monthly peak surrounding 77.10 as resistance.
AUD/JPY daily chart
Trend: Bearish
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