AUD/JPY technical analysis: Firm above 50-day EMA, inside symmetrical triangle
|- AUD/JPY struggles between 50-day EMA and a three-month-old falling trend line.
- RSI signals no surprises together with the triangle formation that favors the continuation of the existing trend.
Despite bouncing off 50-day Exponential Moving Average (EMA), the AUD/JPY pair stays inside a multi-month old symmetrical triangle while taking rounds to 73.45 during Thursday morning in Asia.
With the 14-bar Relative Strength Index (RSI) signaling no major surprises ahead, price momentum above short-term key EMA needs a sustained break above the pattern’s resistance line, at 73.55 now, in order to accelerate the latest recovery.
In doing so, September month high of 74.50 and 50% Fibonacci retracement level of April-August downpour, at 75.40, could please buyers.
Alternatively, pair’s daily closing below 50-day EMA level of 73.10 can test 23.6% Fibonacci retracement level of 72.53 ahead of visiting pattern’s support line figure of 72.14.
If at all sellers sneak in around 72.10, also clear 72.00 round-figure, 70.80 and 70.00 will flash on their radars.
AUD/JPY daily chart
Trend: sideways
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.