AUD/JPY Price Analysis: Multiple barriers on the road to recovery
|- AUD/JPY remains on the front-foot, follows the short-term rising trend line.
- 61.8% Fibonacci retracement, a 13-day-old horizontal resistance hold the key to 200-bar SMA.
- A lack of momentum signals the continuation of mild run-up.
AUD/JPY remains mildly positive around 66.55 amid the initial Asian session on Tuesday. In doing so, the pair continues to take clues from a three-day long rising trend line while heading towards 61.8% Fibonacci retracement of its early-month declines.
In addition to 67.10 immediate resistance, a horizontal trend line since March 12, 2020, around 67.70/75, also restrict buyers from challenging the 200-bar SMA level of 69.10.
If at all the bullish momentum gain strength past-69.10, 70.00 round-figure will be back on the charts.
Meanwhile, the pair’s break below the immediate support line near 66.00 can push it to 50% Fibonacci retracement level around 65.70 while the previous week’s low near 62.90 could gain the bears’ attention afterward.
AUD/JPY four-hour 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.