AUD/JPY technical analysis: Sellers keep lurking around 3-week old resistance-line
|- Immediate trend-line restricts upside attempt.
- 75.23/33 horizontal support crucial to watch.
Following a short-term descending trend-line, the AUD/JPY pair is taking rounds near 75.90 during early Thursday.
The failure to clear immediate resistance signal brighter chances of the quote’s pullback to 75.60 immediate support. However, 75.33/23 support-area comprising lows marked since January 04 gains major market attention.
Should there be additional downside under 75.23, 23.6% Fibonacci retracement of December 2018 to January 2019 downturn at 73.83 and January bottom near 70.70 could flash on bears’ radar.
In a case where prices manage to clear 76.00 resistance-line, 76.40 may entertain buyers ahead of questioning them by 21-day simple moving average (SMA) at 77.00 now.
If trade sentiment remains positive past-77.00, 50% Fibonacci retracement near 77.40 and 78.10 could lure optimists.
AUD/JPY daily chart
Trend: Bearish
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