AUD/JPY Technical Analysis: Break of 4H 100MA favors further declines
|- AUD/JPY seesaws around monthly low after breaking near-term key moving average.
- A three-week-old rising trend line restricts near-term upside.
Having slipped below 4H 100MA, AUD/JPY trades around the current month low, near 74.40, while heading into the European session on Wednesday.
38.2% Fibonacci retracement of October-November upside, at 74.17, acts as immediate support while 200-bar simple moving average on the four-hour chart (4H 200MA), near 73.80, can limit pair’s further declines.
In a case where bears refrain from respecting 73.80, mid-October lows surrounding 73.00 will be on their radars.
On the upside, the 100-bar simple moving average on the four-hour chart (4H 100MA) can question near-term buyers around 74.70 whereas 75.00 and 75.40 could entertain them afterward.
If prices keep rising past-75.40, an upward sloping trend-line since October 22, at 75.90 now, will be in the spotlight.
AUD/JPY 4-hour 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.