- AUD/JPY confirms the downside break of a two-week-old ascending triangle.
- 38.2% Fibonacci retracement can offer immediate support.
- 61.8% of Fibonacci retracement will validate upside past the triangle’s resistance line.
Following its U-turn from the two-week-old horizontal resistance, AUD/JPY confirms short-term rising triangle formation while declining below the support line to 65.70 during the early Asian session on Thursday.
The pair currently rests near 38.2% Fibonacci retracement of its one-month fall between February 19 and March 19, 2020.
While the confirmation of a bearish signal, coupled with the weakness in the MACD histogram, the pair is expected to stretch the recent declines.
In doing so, 63.90 and 23.6% Fibonacci retracement level of 63.30 can please short-term sellers ahead of diverting them towards 60.00 round-figure.
On the upside, 61.8% Fibonacci retracement, at 68.90, will be the validation point for the pair’s rise above the triangle’s resistance line around 67.70.
It should also be noted that the support-turned-resistance trend line, near 66.40, followed by a 50% Fibonacci retracement level of 67.20, can challenge the pair’s pullback moves.
AUD/JPY four-hour chart
Additional important levels
|Today last price||65.89|
|Today Daily Change||-0.37|
|Today Daily Change %||-0.56%|
|Today daily open||66.26|
|Previous Daily High||66.34|
|Previous Daily Low||64.66|
|Previous Weekly High||66.25|
|Previous Weekly Low||59.9|
|Previous Monthly High||74.47|
|Previous Monthly Low||69.38|
|Daily Fibonacci 38.2%||65.7|
|Daily Fibonacci 61.8%||65.3|
|Daily Pivot Point S1||65.16|
|Daily Pivot Point S2||64.07|
|Daily Pivot Point S3||63.48|
|Daily Pivot Point R1||66.85|
|Daily Pivot Point R2||67.44|
|Daily Pivot Point R3||68.53|
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