AUD/JPY Price Analysis: Bounces off key support confluence towards 84.00
|- AUD/JPY picks up bids from intraday low during second consecutive daily drop.
- 100 and 200-SMAs join 50% Fibonacci retracement of late March drop to test sellers.
- Key Fibonacci Retracement, one-month-old horizontal resistance challenge recovery moves.
AUD/JPY takes a U-turn from 83.75 while trimming the intraday losses to 0.30%, around 83.91 by the press time of early Monday.
Following its pullback moves last Thursday, the quote remains pressured. However, a confluence of 50% Fibonacci retracement, 100-SMA and 200-SMA, near 83.85, recently triggered the pair’s bounce.
Even so, downbeat RSI conditions keep challenging the recovery moves before a 61.8% Fibonacci retracement level of 84.23.
It should also be noted that a clear break above the key Fibonacci retracement level will be challenged by the 84.50 horizontal resistance line established on March 19.
Meanwhile, 83.50 and 23.6% Fibonacci retracement level around the 83.000 threshold can lure the AUD/JPY sellers during the fresh declines. However, any further weakness may target March 24 low near 82.30.
AUD/JPY four-hour chart
Trend: Further weakness 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.