AUD/JPY Price Analysis: Bears look for entries below 74.20
|- AUD/JPY retraces Wednesday’s gains, the first in last eight days, above 74.00.
- Immediate resistance line, key horizontal upside hurdle probe the bulls.
- Monthly support line halts the gate for sellers’ entry.
AUD/JPY drops to 74.37 amid the early Thursday morning in Asia. The pair snapped a seven-day losing streak the previous day before repeating failures to cross 74.61. Also favoring the sellers is the weekly falling trend line and receding strength of the bullish MACD.
However, an upward sloping support line from September 24 offers strong support to the AUD/JPY prices around 74.20, a break of which will attack the 74.00-73.90 area including lows marked since July.
If at all the bears manage to dominate past-73.90, 73.30 can offer an intermediate halt before driving the pair towards June 12 bottom surrounding 72.50.
Meanwhile, an immediate falling resistance line, at 74.55 now, precedes a horizontal line comprising multiple highs marked since Tuesday around 74.60/62.
Further, a broad area comprising levels seen from late-September, between 74.87 and 74.95, will also give a tough fight to the AUD/JPY bulls targeting the 200-bar SMA level of 75.70.
AUD/JPY four-hour chart
Trend: Bearish
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