AUD/JPY Price Analysis: 78.78/82 tests bounce off 100-bar SMA
|- AUD/JPY fades bounce off 77.49 even as MACD signals dim the bearish bias.
- Key SMAs limit downside, multiple highs marked since December 11 tests the bulls.
AUD/JPY seesaws around 78.33/40 during the initial Asian trading on Tuesday. In doing so, the quote fails to extend its corrective recovery from 100-bar SMA earlier than the multiple highs marked recently.
Considering the lesser bearish signals from the MACD, AUD/JPY may keep attacking the short-term horizontal resistance around 78.78/82.
It should also be noted that the late April 2019 high near 78.95 and the 79.00 are additional upside hurdles to tackle for the pair buyers ahead of eyeing the 80.00 threshold.
Meanwhile, a downside break f 100-bar SMA, at 77.80 now, will highlight the 200-bar SMA level of 77.00 before driving AUD/JPY sellers to the late-November lows near 76.45.
However, the AUD/JPY bulls are less likely to relinquish their controls until the quote drops below November 19 low near 75.40.
AUD/JPY four-hour chart
Trend: Bullish
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