AUD/JPY Price Analysis: Battles two-week-old resistance line below 76.00

AUD/JPY attacks Friday’s top while extending Monday’s pullback from 75.10.
Overbought RSI also challenges the bulls targeting 61.8% Fibonacci retracement.
A confluence comprising 200-HMA, weekly support line restricts near-term downside.

Anil Panchal FXStreet

AUD/JPY prints 0.30% gains while taking the bids near 75.90 during early Wednesday. The quote currently trades near Friday’s top while struggling to clear a downward sloping trend line from July 23.

Other than the immediate resistance line, near 75.95, overbought RSI also raises the upside barriers for pair, a break of which could escalate its recent rise towards 61.8% Fibonacci retracement level of 76.10.

During the pair’s sustained rise past-76.10, 76.30 and 76.45 may offer intermediate resistances before fueling it towards the 77.00 threshold.

Meanwhile, 75.80 and 75.50 may act as immediate supports should the RSI conditions grab sellers’ attention. Though, 200-HMA and an ascending trend line from July 30, close to 75.35, will be a tough nut to crack for the bears.

AUD/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.87
Today Daily Change	0.17
Today Daily Change %	0.22%
Today daily open	75.7

Trends
Daily SMA20	75.25
Daily SMA50	74.53
Daily SMA100	71.29
Daily SMA200	72.52

Levels
Previous Daily High	75.78
Previous Daily Low	75.39
Previous Weekly High	75.92
Previous Weekly Low	74.83
Previous Monthly High	76.88
Previous Monthly Low	73.92
Daily Fibonacci 38.2%	75.63
Daily Fibonacci 61.8%	75.54
Daily Pivot Point S1	75.46
Daily Pivot Point S2	75.23
Daily Pivot Point S3	75.07
Daily Pivot Point R1	75.86
Daily Pivot Point R2	76.02
Daily Pivot Point R3	76.26

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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