AUD/JPY Price Analysis: Mildly bid above 84.00 inside immediate ascending triangle
|- AUD/JPY bounces off one-week-old support line, fades recent pullback.
- Bearish chart pattern jostles with bullish MACD above 200-SMA.
- Bulls are likely to keep the reins but upside seems limited.
AUD/JPY holds recent gains above 84.00, at 84.15 during the initial Asia session on Thursday, while staying inside a two-week-old ascending triangle formation.
Given the quote’s latest U-turn from the bearish chart pattern’s support line, the recovery towards the formation’s resistance near 84.35 can’t be ruled out.
However, any further upside seems tough amid sluggish MACD and multiple barriers below 84.50.
Meanwhile, a clear break below the stated triangle’s support line near the 84.00 threshold should quickly drag the quote to a 200-SMA level of 83.52.
Although the key SMA is likely to keep the AUD/JPY bears chained, any further weakness can make the pair vulnerable to revisit the previous week’s low close to 82.30.
AUD/JPY four-hour chart
Trend: Pullback 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.