AUD/JPY Price Analysis: Drops from fresh 11-week top to revisit sub-77.00 area
|- AUD/JPY refreshes intraday low while breaking 100-HMA.
- Marks repeated reversal from 77.00, one-week-old ascending triangle becomes the key to watch amid bearish MACD.
AUD/JPY drops to 76.74, down 0.12% intraday, during the early Monday. The quote rose to the highest since the mid-September during early Asia before taking a U-turn from 77.11.
In doing so, the AUD/JPY bulls mark another resistance to accept the ride beyond the 77.00, considering the last Wednesday’s pullback from 77.04.
The latest declines get validation from a downside break of 100-HMA and bearish MACD to suggest further weakness.
However, the support line of the short-term ascending triangle established since last Tuesday, at 76.60 now, holds the gate for the extended south-run targeting 200-HMA level of 76.30.
Meanwhile, a sustained break above 77.00 will have to refresh the multi-day high of 77.11 while targeting the September 11 top near 77.75.
AUD/JPY hourly chart
Trend: Pullback expected
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