- AUD/JPY extends Friday’s pullback from 74.93, rises for fifth day in last six.
- A falling trend line from August 31 adds to the upside barriers.
- September 25 top can lure bears low the fresh monthly bottom.
AUD/JPY remains bid near 75.85, up 0.56% intraday, during early Monday. In doing so, the quote defies Friday’s halt to a four-day winning streak while taking a U-turn from 74.93.
Even so, the quote needs to successfully break a 200-bar EMA level of 75.91 to regain the $76.00 threshold.
Also acting as the key upside barrier is the confluence of a five-week-old falling trend line and 50% Fibonacci retracement of August 31 to September 24 downside, currently around 76.25.
On the contrary, pair’s declines below 74.93 will recall the bears targeting September 25 tops near 74.60 ahead of challenging the September month’s low of 73.97.
During the quote’s further weakness below 73.97, the 73.00 round-figure and the June 22 bottom close to 72.75 can lure the AUD/JPY bears.
AUD/JPY four-hour chart
Trend: Pullback expected
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