AUD/JPY Price Analysis: Bulls can keep controls above 83.60
|- AUD/JPY wavers in 10-pips trading range after strong recovery moves.
- Receding bearish bias of MACD and sustained trading above key supports keep buyers hopeful.
Following its heavy bounce off 83.43, AUD/JPY seesaws in a choppy range between 84.20-30, at 84.22 as Good Friday weighs on the trading activity with holidays in Australia, New Zealand, Singapore and Hong Kong.
AUD/JPY dropped to three day low on Thursday but refrained from providing a daily close below a four-month-old support line.
With the MACD’s bearish signals also fading the strength, the convergence of 10-day SMA and aforementioned trend line support, around 83.60, can strongly restrict AUD/JPY declines and favor the buyers.
This helps AUD/JPY bulls to aim for a horizontal area comprising highs marked since February 25, around 84.95–85.00.
Meanwhile, a downside break of 83.60 will have to provide a daily close below the 50-day SMA level of 82.59 to convince the AUD/JPY bears. Following that, February lows near 82.00 will be the important support to watch.
AUD/JPY daily chart
Trend: Bullish
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