AUD/JPY technical analysis: 61.8% Fibo. offers immediate support
|- Sustained beak below 21-day EMA portrays AUD/JPY weakness.
- Buyers may look for entering above 76.40.
While sustained trading below the 21-day exponential moving average (EMA) portrays the AUD/JPY pair’s weakness, the quote seesaws near 74.9810 ahead of the EU markets’ open on Monday.
The 74.80/78 area comprising mid-June highs can offer an intermediate halt ahead of dragging prices to 61.8% Fibonacci retracement of the pair recovery from January month’s flash crash to April top, at 74.5470.
In a case where bears keep dominating below 61.8% Fibonacci retracement level, despite oversold conditions of 14-day relative strength index (RSI), June 20 low of 74.13 and the previous month bottom around 73.92 can lure the sellers.
Alternatively, 21-day EMA level of 75.53 acts as an immediate resistance ahead of 50% Fibonacci retracement level of 75.7376. Though, buyers will wait for a successful break beyond May 20 top, surrounding 76.40, before targeting 77.00 round-figure.
AUD/JPY daily chart
Trend: Bearish
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.