AUD/JPY Price Analysis: Stays above key supports around 83.00 ahead of RBA
|- AUD/JPY awaits fresh clues to extend the latest recovery moves.
- 100-bar SMA, multiple trend lines offer strong support above 82.00.
- MACD teases bulls as the quote nears last week’s trading range around 83.00.
- RBA is less likely to alter current monetary policy, statements will be the key.
AUD/JPY eases to 82.95 as bulls await the RBA rate decision during the early Asian session on Tuesday. In doing so, the quote steps back from the last week’s range around the 83.00 round-figure.
Read: Reserve Bank of Australia Preview: Policymakers at a crossroad
However, the MACD is losing the bearish bias and the RBA is also expected to turn down the previously bearish hopes. Also, the quote stays above key SMA and multiple support lines to keep the AUD/JPY buyers hopeful.
As a result, an upside break to the sideways move near 83.00, towards the 83.30 hurdle, becomes imminent. However, any further advances need to clear 83.85-90 before challenging the 84.30 and the previous month’s top near 85.00.
Meanwhile, 100-bar SMA and an ascending trend line from January 28, respectively around 82.25 and 82.15, can offer immediate support during the quote’s further weakness.
Also acting as a downside filter is a two-week-old upward sloping support line, at 82.00 now.
It should, however, be noted that the AUD/JPY weakness below the 82.00 mark, will direct the bears to a 200-bar SMA level of 81.17.
AUD/JPY four-hour chart
Trend: Bullish
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