AUD/JPY Price Analysis: Bulls cheer bounce from 21-day EMA to attack 75.00
|- AUD/JPY seesaws around weekly high, prints three-day winning streak.
- A three-week-old support line joins the near-term key EMA to challenge the bears.
- Monthly high becomes an immediate upside barrier ahead of the early-June levels.
- US President Trump’s comments offer the latest moves, BOJ in the spotlight.
AUD/JPY takes rounds to 74.80 amid the early Wednesday morning in Asia. In doing so, the pair keeps the previous two-day rise while also portraying the pullback from 21-day EMA.
On the fundamental side, US President Donald Trump’s strong signal for the coronavirus (COVID-19) vaccine follows upbeat indications from Moderna to help the quote remain firm off-late. However, the Republican leader’s passage of the sanctions on China over the Hong Kong security bill tames the optimism. It should also be noted that the traders’ caution ahead of the BOJ also limits the AUD/JPY prices.
Read: BOJ Preview: No changes in policy, but forecast downgrades expected
With the pair’s ability to stay beyond immediate EMA, also above a short-term support line, it becomes capable to aim for the monthly high near 75.15/20. Though, bearish MACD signals may restrict the quote’s further upside.
If the recent optimism pushes the quote to break above 75.20, the early June levels surrounding 75.60 and 76.00 round-figures might offer intermediate halts during the run-up to challenge the previous month’s top near 76.80.
Meanwhile, 23.6% Fibonacci retracement of May-June upside, around 74.60, offers immediate support to the pair before highlighting the 74.25/20 confluence including 21-day EMA and aforementioned rising trend line from June 22.
AUD/JPY daily chart
Trend: Bullish
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