AUD/JPY Price Analysis: Consolidates losses near one-week low, below 10/21-day SMA
|- AUD/JPY sellers catch a breath after two consecutive days of losses.
- Sustained trading below short-term key SMAs keeps bears hopeful.
- Buyers will look for entry beyond the three-week-old horizontal line.
Following its drop to the lowest in more than a week, not to forget downside break of 10-day SMA, AUD/JPY retraces losses to 0.6515 amid the Asian session on Thursday.
Even so, the pair remains below 38.2% Fibonacci retracement level of February-March declines, at 65.45, a break of which could push it to probe 10-day SMA level of 65.80.
If at all the buyers, based on the bullish MACD, manage to break 10-day SMA on a daily closing basis, 21-day SMA, currently at 66.20, could question further upside of the pair, if not then a horizontal line from March 12, near 67.70, will be the key to watch.
On the downside, 64.00 could please bears below the quote’s declines under the latest low near 64.90/85.
Additionally, 23.6% Fibonacci retracement level near 63.30 and March 18 low near 61.70 can please return to the chart given the sellers’ dominance past-64.85.
AUD/JPY daily chart
Trend: Bearish
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.