AUD/JPY technical analysis: Sellers look for entry below 74.10/74.00 support-confluence
|- AUD/JPY seesaws around short-term key support-region.
- 38.2% Fibonacci retracement, 100-day EMA limit immediate declines.
- 50% Fibonacci retracement, 200-day EMA stand tall to question buyers.
With the buyers and sellers jostling around the key support area, AUD/JPY takes rounds to 74.20 by the press time of early Asian session on Monday.
The quote nears 38.2% Fibonacci retracement of April-August downpour and 100-day Exponential Moving Average (EMA), around 74.10/74.00, a break of which could push sellers to step in and target mid-October lows nearing 73.00.
However, pair’s declines below 73.00 become questionable as a rising trend line since August and 23.6% Fibonacci retracement could challenge sellers around 72.55/50.
During the upside, buyers need to conquer the recent high of 74.83 in order to confront the 50% Fibonacci retracement level of 75.40, followed by 200-day EMA level of 75.60.
Should there be successful trading beyond 75.60, July month high close to 76.30 will become bull’s favorite.
AUD/JPY technical analysis
Trend: sideways
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