AUD/JPY Price Analysis: 200-HMA adds downside filter below 84.00

AUD/JPY witnesses corrective pullback after confirming a bearish chart formation the previous day.
RSI recovery suggests further bounces off the key HMA.
50% and 61.8% Fibonacci retracement levels offer extra resistance levels to watch.

Anil Panchal FXStreet

AUD/JPY picks up bids to 83.85 during the initial Asian session trading on Wednesday. In doing so, the quote takes a U-turn from 83.59, within a small distance of 200-HMA support, but keeps the downside break of rising wedge bearish formation.

Given the confirmation of the bearish chart pattern, the pair’s latest bounce is less likely to convince buyers for re-entry unless rising past-61.8% Fibonacci retracement of March 18-24 downside, around 84.25.

Though, the lower line of the stated wedge formation, near 84.17, guards the immediate upside.

Should AUD/JPY rises past-84.25, the mid-84.00s can lure the bulls.

Meanwhile, 200-HMA close to 83.60 restricts the pair’s immediate downside ahead of the weekly bottom surrounding 83.33.

In a case where AUD/JPY sellers retake controls past-83.33, the 83.00 round-figure will be the key to watch.

AUD/JPY hourly chart

Trend: Further recovery expected

additional important levels

Overview
Today last price	83.85
Today Daily Change	0.02
Today Daily Change %	0.02%
Today daily open	83.83

Trends
Daily SMA20	83.8
Daily SMA50	82.28
Daily SMA100	80.2
Daily SMA200	77.86

Levels
Previous Daily High	83.93
Previous Daily Low	83.34
Previous Weekly High	84.38
Previous Weekly Low	82.29
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	83.71
Daily Fibonacci 61.8%	83.57
Daily Pivot Point S1	83.47
Daily Pivot Point S2	83.11
Daily Pivot Point S3	82.87
Daily Pivot Point R1	84.06
Daily Pivot Point R2	84.3
Daily Pivot Point R3	84.66

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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