AUD/JPY Price Analysis: 50-day SMA guards immediate upside under falling wedge


  • AUD/JPY buyers trying to snap five-day losing streak above 76.00.
  • Confluence of 21-day SMA and falling wedge resistance becomes the key.
  • An eight-day-old falling trend line can offer immediate support.

AUD/JPY stays on the recovery mode around 76.30 during the early Monday morning in Asia. In doing so, the pair buyers attack 50-day SMA inside the monthly falling wedge, a bullish chart pattern, on the daily formation.

Considering the bearish MACD signals and strong resistance, the quote is likely to remain depressed and may revisit 76.00 round-figures. Though, it’s further downside will be limited to the wedge’s support line, at 75.92 now.

In a case where AUD/JPY drops below 75.90, August 20 low near 75.60 and the previous month’s bottom surrounding 75.10 will be the key to watch.

Meanwhile, an upside clearance of the 50-day SMA level of 76.33 will aim for 76.90 whereas 21-day SMA and a falling trend line from August 31, currently around 77.06, will be the key to watch afterward.

It should, however, be noted that the quote’s daily closing beyond 77.06 will confirm the bullish chart play towards the theoretical target of 79.50. However, 77.70 and August month’s peak near 78.50 can offer intermediate halts during the rise.

AUD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 76.3
Today Daily Change 0.07
Today Daily Change % 0.09%
Today daily open 76.23
 
Trends
Daily SMA20 77.09
Daily SMA50 76.27
Daily SMA100 74.43
Daily SMA200 72.9
 
Levels
Previous Daily High 76.86
Previous Daily Low 75.98
Previous Weekly High 77.51
Previous Weekly Low 75.98
Previous Monthly High 78.46
Previous Monthly Low 75.1
Daily Fibonacci 38.2% 76.32
Daily Fibonacci 61.8% 76.52
Daily Pivot Point S1 75.86
Daily Pivot Point S2 75.48
Daily Pivot Point S3 74.98
Daily Pivot Point R1 76.73
Daily Pivot Point R2 77.23
Daily Pivot Point R3 77.6

 

 

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