AUD/JPY Price Analysis: 100-SMA tests sellers cheering seven-week-old support break

AUD/JPY struggles to fill the downside gap at the weekly open.
Bearish MACD, clear break of the key trend line support, now resistance, direct sellers toward 200-SMA.
Bulls need to cross 84.70 to retake the controls.

Anil Panchal FXStreet

AUD/JPY consolidates recent losses around 83.85 following its drop to the two-week low at the week’s start. In doing so, the quote manages to bounce off 100-SMA but keeps a downside break of an ascending trend line from January 28.

Considering the bearish MACD and sustained break of the previous key support, AUD/JPY bears are likely rolling up their sleeves for further downside.

As a result, the pair’s further downside towards the 83.00 round-figure can’t be ruled out whereas the 200-SMA level of 82.88 may challenge AUD/JPY sellers afterward.

Meanwhile, an upside break of the immediate resistance line, previous support, around 84.00, requires decisive trading beyond one-month-old falling trend line hurdle, at 84.70 now, to restore bulls’ confidence.

Overall, AUD/JPY looks set to trim early 2021 gains unless the pair defies the latest trend line breakdown.

AUD/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	83.83
Today Daily Change	-0.44
Today Daily Change %	-0.52%
Today daily open	84.27

Trends
Daily SMA20	83.78
Daily SMA50	81.92
Daily SMA100	79.71
Daily SMA200	77.57

Levels
Previous Daily High	84.69
Previous Daily Low	84.12
Previous Weekly High	85.45
Previous Weekly Low	84.11
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	84.34
Daily Fibonacci 61.8%	84.47
Daily Pivot Point S1	84.03
Daily Pivot Point S2	83.78
Daily Pivot Point S3	83.45
Daily Pivot Point R1	84.6
Daily Pivot Point R2	84.94
Daily Pivot Point R3	85.18

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.

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