AUD/JPY Price Analysis: 61.8% Fibonacci, 200-bar SMA in focus
|- AUD/JPY extends losses amid bearish MACD signals.
- Buyers will look for entry beyond the three-week-old falling trend line.
AUD/JPY declines to 75.70 during the initial Asian session on Monday. That said, the pair has been weaker since taking a U-turn from 76.25 on late-Thursday. The sellers also cheer bearish signals from the 12-bar MACD indicator.
As a result, 61.8% Fibonacci retracement of the pair’s declines from December 27 to January 08, at 75.50, gains the bears’ immediate attention. However, 200-bar SMA and highs marked on January 03 and 07 could restrict pair’s further downside around 75.27/25.
If at all AUD/JPY prices keep trading southwards past-75.25, 75.00 and 23.6% Fibonacci retracement near 74.40 will be in the spotlight.
On the upside, a downward sloping trend line since December 27, near 76.25 now, will keep the pair’ under pressure, a break of which could fresh monthly high to 76.55.
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.