AUD/JPY Price Analysis: Bulls can keep reins beyond 84.70

AUD/JPY keeps three-week-old trend line breakout despite pullback from multi-month high.
MACD turns bullish, adds strength to the pair’s run-up beyond 100-SMA, short-term support line.

Anil Panchal FXStreet

AUD/JPY stays on the front-foot around 84.90, despite the latest pullback from 85.01, amid the initial Asian session on Thursday. In doing so, the pair stays above the near-term resistance line, now support, as the MACD turns bullish for the first time since early Monday.

The quote crossed a downward sloping trend line before a few hours to refresh the multi-month high but couldn’t stay beyond 85.00 for long. However, the latest consolidation is yet to break the previous resistance line and hence justifies the MACD signals to favor bulls.

Against this backdrop, AUD/JPY buyers may keep calm between 84.70 and 85.00 but the bears are less likely to enter until witnessing a clear break below 100-SMA.

That said, an upward sloping trend line from February 26, currently around 84.15, adds to the downside filters below 84.70 and ahead of 100-SMA level near 83.75.

On the contrary, a clear run-up beyond the 85.00 threshold will extend the quote’s north-run towards the mid-February 2018 top near 85.60.

Overall, AUD/JPY bulls are catching a breather but are not out of the game.

AUD/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	84.91
Today Daily Change	0.48
Today Daily Change %	0.57%
Today daily open	84.43

Trends
Daily SMA20	83.45
Daily SMA50	81.68
Daily SMA100	79.38
Daily SMA200	77.42

Levels
Previous Daily High	84.68
Previous Daily Low	84.19
Previous Weekly High	84.78
Previous Weekly Low	82.93
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	84.38
Daily Fibonacci 61.8%	84.49
Daily Pivot Point S1	84.19
Daily Pivot Point S2	83.95
Daily Pivot Point S3	83.7
Daily Pivot Point R1	84.67
Daily Pivot Point R2	84.92
Daily Pivot Point R3	85.16

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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