AUD/JPY Price Analysis: A long way to recovery

AUD/JPY bounces off the 15-week low.
The short-term falling trend line, key SMAs stand tall to challenge buyers.
Fresh selling pressure could recall early-October 2019 levels.

Anil Panchal FXStreet

AUD/JPY recovers to 73.80 amid the initial Asian session on Wednesday. The pair recently took a U-turn from the lowest since mid-October but is yet to clear the key upside barriers.

Among the immediate hurdles to the north, a confluence of 100-hour SMA and 38.2% Fibonacci retracement of its fall from January 16 to 28, around 74.40/45, holds the nearest gate.

Following that, a descending trend line since January 17 at 74.80 and 200-hour SMA near 75.00 precede 61.8% Fibonacci retracement level of 75.12.

If at all the bulls manage to conquer the key Fibonacci retracement, it’s the run-up to the previous week’s top near 75.90 becomes likely.

Meanwhile, sellers await fresh entry if AUD/JPY prices fall below the recent low of 73.30. In doing so, the early October 2019 high close to 72.55 and the October month bottom surrounding 71.75 will be on their radars.

AUD/JPY hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	73.83
Today Daily Change	0.23
Today Daily Change %	0.31%
Today daily open	73.6

Trends
Daily SMA20	75.37
Daily SMA50	75.02
Daily SMA100	74.39
Daily SMA200	74.62

Levels
Previous Daily High	74.6
Previous Daily Low	73.54
Previous Weekly High	75.9
Previous Weekly Low	74.43
Previous Monthly High	77.45
Previous Monthly Low	73.82
Daily Fibonacci 38.2%	73.95
Daily Fibonacci 61.8%	74.2
Daily Pivot Point S1	73.23
Daily Pivot Point S2	72.86
Daily Pivot Point S3	72.17
Daily Pivot Point R1	74.29
Daily Pivot Point R2	74.97
Daily Pivot Point R3	75.35

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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