AUD/JPY Price Analysis: Monthly resistance trend line in focus
|- AUD/JPY seesaws in a 20-pip range.
- A daily close beyond 21-day SMA, bullish MACD favor buyers.
- Sellers will seek entries below Thursday’s low.
Despite trading in a range between 66.35 and 66.55 since Monday’s US session, currently around 66.30, AUD/JPY remains mildly on the back foot, down 0.10%, amid the early Tuesday morning in Asia.
While the pair’s first daily closing beyond 21-day SMA since early-February, coupled with the bullish MACD, keep buyers hopeful, a downward sloping trend line from March 10 seems to be an immediate challenge.
On the break of 66.70 resistance line, 67.00 and March 25 high near 67.70 will be on the bull’s radar.
Further, 61.8% Fibonacci retracement of February-March declines, near 68.90, could lure the buyers beyond 67.70.
Meanwhile, a daily break below the 21-day SMA level of 65.70 might push sellers to await further downside under Thursday’s low of 64.40 to target 23.6% Fibonacci retracement level of 63.30.
AUD/JPY daily chart
Trend: Further recovery 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.