AUD/JPY Price Analysis: Approaching key resistance at 72.00 area

AUD/JPY approaches multi-month highs at 71.90 buoyed by a positive market mood.
The pair faces an important resistance area at 72.05/15.

Guillermo Alcala FXStreet

The Australian dollar has retraced Wednesday’s losses and appreciated about 0.5% through the day to return towards the upper range of 0.7100. The pair has been buoyed by the risk-on mood on hopes of a post-COVID-19 recovery as the main economies re-open, which has weighed the safe-haven yen.

Daily charts show the AUD/JPY trading just a handful of pips below 2, ½-month highs, at 71.90 and approaching a key resistance hurdle, where the trendline resistance from March 25 high meets the 200-day SMA at 72.05/15. A daily close above here might increase buying pressure, pushing the aussie towards 72.45 (Jan. 31 low) and 73.10/15 (Feb 7, 18 lows).

On the downside, immediate support lies at 70.80/00 (May 27 low, intra-day low) and below here, the 100-day SMA at 70.30 before 70.00 psychological level.

AUD/JPY daily chart

AUD/JPY key levels to watch

AUD/JPY

Overview
Today last price	71.64
Today Daily Change	0.32
Today Daily Change %	0.45
Today daily open	71.32

Trends
Daily SMA20	69.71
Daily SMA50	68.24
Daily SMA100	70.32
Daily SMA200	72.14

Levels
Previous Daily High	71.93
Previous Daily Low	70.82
Previous Weekly High	71.08
Previous Weekly Low	68.65
Previous Monthly High	70.17
Previous Monthly Low	64.4
Daily Fibonacci 38.2%	71.24
Daily Fibonacci 61.8%	71.5
Daily Pivot Point S1	70.78
Daily Pivot Point S2	70.24
Daily Pivot Point S3	69.67
Daily Pivot Point R1	71.9
Daily Pivot Point R2	72.47
Daily Pivot Point R3	73.01

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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