AUD/JPY Price Analysis: 100-SMA probes bulls on their way to 96.50
- AUD/JPY remains mildly bid above 200-SMA, up for the third consecutive day.
- Firmer RSI, bullish MACD signals also keep buyers hopeful.
- Monthly high, one-month-old resistance line lure bull ahead of 61.8% FE.
- Bears need to break five-week-long horizontal area for fresh entry.
AUD/JPY holds on to the mid-week rebound as buyers battle with the key moving average during Friday’s initial Asian session, up 0.10% near 93.00 by the press time. In doing so, the cross-currency pair pokes the 100-SMA hurdle, around 93.25 at the latest.
Given the bullish MACD signals and upbeat RSI line, not overbought, not to forget the pair’s rebound from a horizontal area comprising multiple levels marked since late March, AUD/JPY prices remain on the way to the monthly peak of 95.74.
However, multiple hurdles around 94.25 and an upward sloping trend line from March 28, close to 96.45, can test the short-term bulls.
In a case where the quote rises past-96.45, the 61.8% Fibonacci Expansion (FE) of March 15 to April 25 moves, near 97.50, will be in focus.
Alternatively, pullback moves may initially aim for the 200-SMA level of 91.90 before retesting the aforementioned horizontal support area near 90.70-60.
Following that, the 90.00 threshold will be crucial to watch as a clear break of which can direct prices towards the late March swing low near 87.30.
AUD/JPY: Four-hour chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
