- AUD/JPY keeps upside break of a seven-day-old falling trend line.
- Bullish MACD favors extra run-up but 200-hour EMA, a fortnight old resistance line will question the buyers.
- Sellers can retake entries below the previous resistance line but 74.00 will be the tough nut to crack.
AUD/JPY picks up bids near 74.60 during the early Tuesday morning in Asia. The aussie cross broke a descending trend line from September 19 the previous day and is currently combating 100-hour EMA.
Considering the pair’s ability to stay past the short-term resistance line, now support, coupled with the bullish MACD, AUD/JPY buyers are likely to stay happy for a bit more beyond the 74.65 immediate upside barrier.
While the anticipated strength can direct the bulls towards the 75.00 threshold, a confluence of 200-hour EMA and a downward sloping trend line from September 15, near 75.20 will be the crucial resistance to watch as a break of which will push AUD/JPY further north towards 76.00.
Alternatively, 74.40 can act as the nearby support for the pair during its pullback, a break of which will highlight the previous resistance line, at 74.25 now.
It should, however, be noted that the bears will remain cautious unless breaking the monthly low of 74.00 that holds the gate to further declines targeting the late-June lows near 73.30.
AUD/JPY hourly chart
Trend: Further recovery expected
Additional important levels
|Today last price||74.63|
|Today Daily Change||0.39|
|Today Daily Change %||0.53%|
|Today daily open||74.24|
|Previous Daily High||74.63|
|Previous Daily Low||74.01|
|Previous Weekly High||76.39|
|Previous Weekly Low||73.97|
|Previous Monthly High||78.46|
|Previous Monthly Low||75.1|
|Daily Fibonacci 38.2%||74.25|
|Daily Fibonacci 61.8%||74.39|
|Daily Pivot Point S1||73.96|
|Daily Pivot Point S2||73.68|
|Daily Pivot Point S3||73.35|
|Daily Pivot Point R1||74.58|
|Daily Pivot Point R2||74.91|
|Daily Pivot Point R3||75.19|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.