AUD/JPY Price Analysis: Bulls face rejection near 84.75

AUD/JPY is accumulating gains in the Asian session.
However, gains seem limited in the vicinity of 84.70.
Neutral momentum oscillators ask for a wait-and-watch approach.

Rekha Chauhan Independent Analyst

The AUD/JPY cross maintains the previous day’s gains and looks to refresh the daily high near 84.70 in the Asian session.

At the time of writing, AUD/JPY is trading at 84.67, up 0.10% on the day.

AUD/JPY hourly chart

On the hourly chart, the cross has been making efforts to maintain the upward momentum, where price faces a challenge near the highs of 84.70. The mentioned level acts as a strong barrier for AUD/JPY bulls with the formation of multiple tops. If prices slip below the 84.60 mark, then the first support would emerge near 23.6% Fibonacci retracement level at 84.50 followed by the 84.40 mark placed at the 38.2% Fibonacci retracement level. A reversal in the prevailing trend would be confirmed if the price sustained below the 84.30 horizontal support area.

The Moving Average Convergence Divergence (MACD) indicator reads above the central line with receding bullish momentum. Any uptick could push prices higher toward the 84.80 horizontal resistance zone. Bulls would then take aim at the highs of 85 (April 29), and then 85.45 (March 18).

AUD/JPY additional levels

AUD/JPY

Overview
Today last price	84.66
Today Daily Change	0.04
Today Daily Change %	0.05
Today daily open	84.62

Trends
Daily SMA20	84.01
Daily SMA50	83.87
Daily SMA100	82.1
Daily SMA200	79.11

Levels
Previous Daily High	84.69
Previous Daily Low	84.24
Previous Weekly High	85.01
Previous Weekly Low	83.5
Previous Monthly High	85.01
Previous Monthly Low	83.04
Daily Fibonacci 38.2%	84.52
Daily Fibonacci 61.8%	84.42
Daily Pivot Point S1	84.34
Daily Pivot Point S2	84.07
Daily Pivot Point S3	83.89
Daily Pivot Point R1	84.79
Daily Pivot Point R2	84.97
Daily Pivot Point R3	85.24

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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