AUD/JPY Price Analysis: Battles 11-week-old resistance line

AUD/JPY takes the bids near monthly high flashed earlier in November.
Bullish MACD, sustained trading beyond 10-day and 50-day SMAs favor the buyers.
50-day SMA offers additional filter to the downside.

Anil Panchal FXStreet

AUD/JPY rises to 76.92 amid the initial Asian session on Wednesday. The pair jumped towards the monthly, flashed on November 11, while cheering the upside break of 10-day SMA the previous day. However, a falling trend line from September 10 challenges the bulls by press time.

Even so, bullish MACD and the pair’s successful trading above the key SMAs keep the buyers hopeful of breaking the 76.95 immediate upside hurdle while eyeing the 77.00 threshold.

It should also be noted that the monthly peak near 77.10 also challenges the AUD/JPY bulls before propelling them to the September 10 high of 77.73.

Meanwhile, October’s top around 76.50 offers immediate support should the quote takes a U-turn from the key resistance line. Though, 10-day and 50-day SMA levels, respectively close to 76.20 and 75.30, may probe the sellers afterward.

During the downside, AUD/JPY bears may catch a breather around the 76.00 round-figure and an upward sloping trend line from November 02, at 75.87 now.

AUD/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	76.92
Today Daily Change	0.75
Today Daily Change %	0.98%
Today daily open	76.17

Trends
Daily SMA20	75.37
Daily SMA50	75.35
Daily SMA100	75.73
Daily SMA200	72.99

Levels
Previous Daily High	76.22
Previous Daily Low	75.79
Previous Weekly High	76.77
Previous Weekly Low	75.41
Previous Monthly High	76.52
Previous Monthly Low	73.14
Daily Fibonacci 38.2%	76.05
Daily Fibonacci 61.8%	75.95
Daily Pivot Point S1	75.9
Daily Pivot Point S2	75.63
Daily Pivot Point S3	75.46
Daily Pivot Point R1	76.33
Daily Pivot Point R2	76.49
Daily Pivot Point R3	76.76

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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