AUD/JPY Price Analysis: Advances towards 81.00 as bulls await Aussie GDP

AUD/JPY remains on the front foot around two-week top.
Sustained trading above 20-DMA, 12-week-old falling trend line keeps buyers hopeful.

Anil Panchal FXStreet

AUD/JPY stays firmer around 80.50 during Wednesday’s Asian session. The cross-currency pair jumped to the highest since mid-August the previous day while crossing a downward sloping resistance line, now support, from June 11.

In addition to the trend line breakout, the pair’s successful trading above 20-DMA and upbeat Momentum line also favor AUD/JPY buyers.

That said, the latest breakout aims for 50% Fibonacci retracement of June–August downside, around 81.50.

However, tops marked during late July and August, around 81.60–65, challenge the AUD/JPY bulls afterward.

Meanwhile, a downside break of the previous resistance line near 80.35 could retest 20-DMA level near 80.15 whereas the 80.00 psychological magnet can add to the immediate downside filters.

Should AUD/JPY remains bearish past 80.00, the last month’s low, also the yearly bottom surrounding 77.90, will gain the market’s attention.

Also read: AUD/USD: Steady at two-week top around 0.7300, Australia Q2 GDP eyed

AUD/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	80.48
Today Daily Change	0.28
Today Daily Change %	0.35%
Today daily open	80.2

Trends
Daily SMA20	80.19
Daily SMA50	81.41
Daily SMA100	82.91
Daily SMA200	81.94

Levels
Previous Daily High	80.39
Previous Daily Low	79.98
Previous Weekly High	80.35
Previous Weekly Low	78.16
Previous Monthly High	84.2
Previous Monthly Low	79.84
Daily Fibonacci 38.2%	80.13
Daily Fibonacci 61.8%	80.23
Daily Pivot Point S1	79.99
Daily Pivot Point S2	79.78
Daily Pivot Point S3	79.58
Daily Pivot Point R1	80.4
Daily Pivot Point R2	80.59
Daily Pivot Point R3	80.8

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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