AUD/JPY Price Analysis: 77.55 guards immediate upside
- AUD/JPY fails to extend late-Friday pullback beyond 77.33.
- MACD signals ease the bullish bias but the key Fibonacci retracements, 200-bar SMA offer strong supports.
- Bulls can aim for 78.00 ahead of August 31 top during the fresh run-up.
AUD/JPY recedes to 77.23 amid the early Monday morning in Asia. Even so, the aussie cross stays above 50% and 61.8% Fibonacci retracement of its August 20-31 upside while also keeping its strength above 200-bar SMA amid bullish MACD signals.
As a result, buyers may continue their efforts to conquer a two-week-old horizontal resistance around 77.55 that holds the key for the fresh run-up.
Should the pair manage to clear 77.55, 78.00 and the August month’s top surrounding 78.46 will be on the bulls’ radars while the late-April 2019 top near 79.00 will be in the spotlight afterward.
Meanwhile, a downside break of the key Fibonacci retracements, respectively around 77.00 and 76.70, will need to conquer a 200-bar SMA level of 76.56 to recall the sellers.
In doing so, the monthly bottom of 76.12 and August 20 low close to 75.60 could gain market attention.
AUD/JPY four-hour chart
Trend: Sideways
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.
