AUD/JPY Price Analysis: Bulls can keep controls above 83.60

AUD/JPY wavers in 10-pips trading range after strong recovery moves.
Receding bearish bias of MACD and sustained trading above key supports keep buyers hopeful.

Anil Panchal FXStreet

Following its heavy bounce off 83.43, AUD/JPY seesaws in a choppy range between 84.20-30, at 84.22 as Good Friday weighs on the trading activity with holidays in Australia, New Zealand, Singapore and Hong Kong.

AUD/JPY dropped to three day low on Thursday but refrained from providing a daily close below a four-month-old support line.

With the MACD’s bearish signals also fading the strength, the convergence of 10-day SMA and aforementioned trend line support, around 83.60, can strongly restrict AUD/JPY declines and favor the buyers.

This helps AUD/JPY bulls to aim for a horizontal area comprising highs marked since February 25, around 84.95–85.00.

Meanwhile, a downside break of 83.60 will have to provide a daily close below the 50-day SMA level of 82.59 to convince the AUD/JPY bears. Following that, February lows near 82.00 will be the important support to watch.

AUD/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	84.23
Today Daily Change	0.10
Today Daily Change %	0.12%
Today daily open	84.13

Trends
Daily SMA20	83.86
Daily SMA50	82.43
Daily SMA100	80.35
Daily SMA200	77.97

Levels
Previous Daily High	84.48
Previous Daily Low	83.74
Previous Weekly High	84.38
Previous Weekly Low	82.29
Previous Monthly High	85.45
Previous Monthly Low	82.12
Daily Fibonacci 38.2%	84.2
Daily Fibonacci 61.8%	84.02
Daily Pivot Point S1	83.75
Daily Pivot Point S2	83.37
Daily Pivot Point S3	83.01
Daily Pivot Point R1	84.5
Daily Pivot Point R2	84.86
Daily Pivot Point R3	85.24

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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