AUD/JPY Technical Analysis: Sellers struggle with 7-week old supportline to aim for 77.10
|- AUD/JPY trades near 77.80 during early Monday.
- The quote presently struggles with the seven-week-old ascending supportline ranging from February 08 and requires a dip beneath recent low of 77.70 in order to validate the downside targeting January 10 bottom near 77.10.
- However, February month low around 77.50 can offer intermediate halt whereas 77.00 mark could please sellers past-77.10.
- Additionally, 76.00 and 75.30 are likely following numbers to appear on the chart if sellers keep dominating trade sentiment under 77.10.
- It should also be noted that the 14-bar relative strength index (RSI) is in the negative territory and signals pullback.
- Alternatively, 78.40 can limit immediate upside ahead of highlighting 200-bar simple moving average (SMA) at 78.85.
- During the pair’s additional rise past-78.85, 79.00 and a downward sloping trendline stretched since February 21, at 79.30, become important to watch.
- Moreover, the pair’s sustained break of 79.30 enables it to target 79.60 and 80.00 during further upside.
AUD/JPY 4-Hour chart
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.