AUD/JPY Price Analysis: Bears keep the reins around 80.00

AUD/JPY fades pullback from 50-bar SMA, keeps bearish signals.
Double top confirmation, sustained break of one-month-old rising trend line favor bears.
Key Fibonacci retracement levels, 200-bar SMA add to the downside filters.

Anil Panchal FXStreet

AUD/JPY battles 80.00 in a recent recovery move during the initial Asian session on Wednesday. The quote earlier took a U-turn from 50-bar SMA while trying to reverse the key support break portrayed on Monday.

Despite the pair’s recent bounce off 79.86, the 50-bar SMA near 80.30 probes short-term AUD/JPY buyers ahead of the previous support line near 80.66.

In a case where the AUD/JPY prices rise past-80.66, the double top formation around 80.85-92 and the 81.00 round-figure will be the key to watch.

Meanwhile, 38.2% Fibonacci retracement of December 21 to January 08 upside, near 79.60, can challenge intraday sellers of AUD/JPY.

Also acting as the key support are 200-bar SMA and 61.8% Fibonacci retracement level, respectively around 79.00 and 78.80.

Overall, AUD/JPY may witness corrective pullback but the bulls aren’t likely to regain the controls.

AUD/JPY four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	79.93
Today Daily Change	0.25
Today Daily Change %	0.31%
Today daily open	79.68

Trends
Daily SMA20	79.6
Daily SMA50	78.13
Daily SMA100	76.85
Daily SMA200	75.05

Levels
Previous Daily High	80.08
Previous Daily Low	79.51
Previous Weekly High	80.86
Previous Weekly Low	79.72
Previous Monthly High	79.79
Previous Monthly Low	76.58
Daily Fibonacci 38.2%	79.73
Daily Fibonacci 61.8%	79.86
Daily Pivot Point S1	79.43
Daily Pivot Point S2	79.19
Daily Pivot Point S3	78.87
Daily Pivot Point R1	80
Daily Pivot Point R2	80.32
Daily Pivot Point R3	80.57

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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