AUD/JPY Price Analysis: 13-day-old rising channel keeps buyers hopeful

AUD/JPY recedes from 75.00 after mixed China data, measures to tame the virus outbreak.
A short-term ascending trend line, trading beyond 200-bar SMA favor the bulls.
Multiple upside barriers stand tall to challenge the optimists past-75.00.

Anil Panchal FXStreet

AUD/JPY drops to 74.83, down 0.06% on a day, during the early Thursday. Even so, the pair stays inside a bullish technical set-up above 200-bar SMA, which in turn suggests an additional upside of the quote. However, many resistances could offer a bumpy ride ahead.

Other than the technical pullback from 75.00 round-figures, mixed data from China and Aussie policymakers’ efforts to tame the coronavirus (COVID-19) outbreak, coupled with the recent Hong Kong story.

The pair’s latest pullback aims to revisit the weekly low near 74.50. Though, the support line of the said channel, around 74.30, followed by 200-bar SMA close to 73.90, could question the bears afterward.

In a case where the AUD/JPY prices slip below 73.90, June 12 bottom of 72.52 will be on the sellers’ radars.

AUD/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	74.84
Today Daily Change	-0.04
Today Daily Change %	-0.05%
Today daily open	74.88

Trends
Daily SMA20	74
Daily SMA50	72.39
Daily SMA100	70.26
Daily SMA200	72.35

Levels
Previous Daily High	74.96
Previous Daily Low	74.51
Previous Weekly High	74.71
Previous Weekly Low	73.36
Previous Monthly High	76.79
Previous Monthly Low	71.61
Daily Fibonacci 38.2%	74.79
Daily Fibonacci 61.8%	74.68
Daily Pivot Point S1	74.61
Daily Pivot Point S2	74.33
Daily Pivot Point S3	74.16
Daily Pivot Point R1	75.06
Daily Pivot Point R2	75.23
Daily Pivot Point R3	75.51

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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