AUD/JPY Price Analysis: Upside break of 75.70 will confirm rounding bottom on 4-hour chart
|- AUD/JPY fails to extend recoveries beyond seven-day high, currently pressed in the choppy range between 75.43 and 75.60.
- Multiple lows marked during late-August, 100-bar EMA restricts the pair from confirming the bullish chart formation in the 4-hour chart.
- Wednesday’s low can offer immediate support during fresh downside.
AUD/JPY fades upside momentum while easing from one week high to 75.50 during the early Thursday morning in Asia. Even so, bullion MACD signals that the quote stands firm to approve the bullish chart formation on the 4-hour timeframe.
As a result, fresh buying will await a sustained break of 75.70, which in turn will lead the AUD/JPY prices towards the theoretical target near the mid-September high of 77.50.
However, September 08 low close to 76.15 and the 77.00 round-figure may offer intermediate halts during the rise.
Alternatively, sellers are less likely to take fresh entries unless the quote drops below the latest low of 74.87.
Also expected to challenge AUD/JPY downside past-74.87 are Monday’s high of 74.62 and the monthly bottom surrounding 74.00.
AUD/JPY four-hour chart
Trend: Bullish
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