AUD/JPY Price Analysis: Bulls challenge 23.6% Fibonacci retracement near 84.85


  • AUD/JPY accumulates modest gain on Tuesday.
  • More gains envisioned if price breaks the 84.80 mark.
  • Momentum oscillator remains neutral.

The AUD/JPY price edges higher on Tuesday morning in the Asian trading session. The cross-currency pair confides in a narrow trading band with positive bias.

At the time of writing, AUD/JPY trades at 84.77, up 0.09% for the day.

AUD/JPY daily chart

On the daily chart, the AUD/JPY pair faces rejection near the 84.90-85 region. The descending trendline from the highs of 85.80 acts as a wall of defense for the bulls.

 If price sustains above the session’s high at 84.78, then it has the possibility to move to the high of June 3 in the vicinity of 85.0 area. This would also coincide with the break of the bearish slope line pushing prices higher toward the 85.20 horizontal resistance area.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline with a neutral stance. Any uptick in the MACD could prompt AUD/JPY bulls to retest the May 11 near the 85.45 level.

Alternatively, if price slips below 84.70, then it could bring AUD/JPY sellers into the picture with the immediate target at the 38.3% Fibonacci retracement, which extends from the lows of 83.09,at 84.50. 

The next area of support would emerge near the 50-hour Simple Moving Average (SMA) at 84.35. If price is not able to sustain here, then it could navigate to the 61.8% Fibonacci retracement at 84, the level last seen in April.

AUD/JPY Additional Level

AUD/JPY

Overview
Today last price 84.76
Today Daily Change 0.04
Today Daily Change % 0.05
Today daily open 84.72
 
Trends
Daily SMA20 84.69
Daily SMA50 84.36
Daily SMA100 83.32
Daily SMA200 80.08
 
Levels
Previous Daily High 84.88
Previous Daily Low 84.65
Previous Weekly High 85.2
Previous Weekly Low 84.32
Previous Monthly High 85.8
Previous Monthly Low 83.93
Daily Fibonacci 38.2% 84.74
Daily Fibonacci 61.8% 84.79
Daily Pivot Point S1 84.62
Daily Pivot Point S2 84.52
Daily Pivot Point S3 84.39
Daily Pivot Point R1 84.85
Daily Pivot Point R2 84.98
Daily Pivot Point R3 85.08

 

 

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