AUD/JPY technical analysis: Sellers aim for 74.13 on sustained weakness below 21-HMA
|- Failure to cross beyond near-term moving average speaks loud of the AUD/JPY pair’s weakness.
- Multiple lows surrounding 74.13 becomes sellers’ concern during immediate declines.
AUD/JPY’s sustained trading below 21-hour moving average (21-HMA) currently drags the pair to 74.26 during early Friday.
While failure to cross immediate moving average signals the pair’s weakness, the horizontal-line connecting multiple extremes marked on June 18 and 20 can limit the further declines near 74.13.
In a case where prices slip beneath 74.13, latest lows surrounding 73.92 and the year 2016 bottom around 72.40 can flash on the sellers’ radar.
If at all prices manage to rise beyond 21-HMA level of 74.38, 38.2% Fibonacci retracement of June 9-18 downpour, at 74.73, can lure the buyers.
Additionally, pair’s extended rise above 74.73 needs to clear 200-HMA level of 74.80 in order to aim for 75.00 round figure.
AUD/JPY hourly chart
Trend: Bearish
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