- AUD/JPY slumps around 60 pips as RBA rejects YCC moves.
- A fortnight-old ascending triangle in focus, 86.10 holds the gate for buyers.
- Descending RSI, break of immediate support favor sellers.
AUD/JPY portrays a 60-pip fall to mid-85.00s on the Reserve Bank of Australia’s (RBA) moves during early Tuesday.
The pair refreshed intraday low to 85.28 on breaking the weekly support line, now resistance around 85.55, before the recent rebound to 85.45, down 0.40% intraday by the press time.
In addition to the weekly trend line break, downward sloping RSI and cautious mood in the market also weigh on the AUD/JPY prices. However, a clear break of 85.10 becomes necessary to confirm the ascending triangle bearish chart pattern.
Following that, the quote can extend the latest south-run towards an ascending support line from late September, around 83.50. During the fall, the 100-SMA level of 84.84 may act as a buffer.
Meanwhile, the cross-currency pair’s corrective pullback beyond the previous support line near 85.55 will need validation from the stated triangle’s resistance, at 86.10, to recall the AUD/JPY bulls.
To sum up, AUD/JPY sellers have knocked on the door but 85.10 serves as entry passes.
AUD/JPY: Four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||85.38|
|Today Daily Change||-0.42|
|Today Daily Change %||-0.49%|
|Today daily open||85.8|
|Previous Daily High||86.06|
|Previous Daily Low||85.6|
|Previous Weekly High||86.06|
|Previous Weekly Low||84.73|
|Previous Monthly High||86.26|
|Previous Monthly Low||79.9|
|Daily Fibonacci 38.2%||85.89|
|Daily Fibonacci 61.8%||85.78|
|Daily Pivot Point S1||85.58|
|Daily Pivot Point S2||85.36|
|Daily Pivot Point S3||85.12|
|Daily Pivot Point R1||86.04|
|Daily Pivot Point R2||86.28|
|Daily Pivot Point R3||86.5|
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