AUD/JPY Price Analysis: 100-SMA probes bulls below 84.00
|- AUD/JPY eases from 100-SMA, fades last week’s recovery from 50% Fibonacci retracement.
- Bullish MACD signals keep buyers hopeful above the key Fibonacci retracement.
- One-month-old falling trend line adds to the upside barriers.
AUD/JPY fizzles recovery moves from Wednesday while witnessing a pullback to 83.75 amid Monday’s Asian session. In doing so, the quote steps back from 100-SMA despite keeping the last week’s bounce off 50% Fibonacci retracement level of January 28 to March 18 upside.
Although bullish MACD adds to the price-positive catalyst for AUD/JPY, the quote’s latest failure to cross the key SMA can drag it back for a while.
As a result, 38.2% and 50% Fibonacci retracement levels, respectively around 83.00 and 82.30, can entertain short-term traders.
However, any further downside past-82.30 will be detrimental for the bullish sentiment and can eye the early February tops near 81.40-35 while taking stops near the 82.00 and 61.8% Fibonacci retracement level close to 81.60.
Meanwhile, an upside clearance of 83.90 immediate SMA hurdle isn’t a sure call to the AUD/JPY bulls as a downward sloping trend line from February 25, near 84.60, holds the key to the quote’s run-up targeting the monthly top of 85.45.
AUD/JPY four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.