- AUD/JPY edges higher on Wednesday in the early Asian trading hours.
- Bulls remain hopeful above the 21-day SMA at 80.62.
- Momentum oscillators indicate the underlying bullish sentiment for the pair.
AUD/JPY prints mild gains in the Asian trading hours on Wednesday morning. After testing the high of 81.31 in the US session, the pair retreated toward 80.48. At the time of writing, AUD/JPY is trading at, 80.80, up 0.02% for the day.
AUD/JPY daily chart
Technically speaking, the pair has been taking support at the double bottom formation near 78.85 after testing a high of 82.02 on September 3. The bullish slope line from the lows of 77.89 made on August 20 acts as a defensive for the AUD/JPY bulls.
Now, as the price sustained above the 21-day Simple Moving Average (SMA), this could mean a potential rise toward the 81.05 and the 81.50 horizontal resistance levels. Furthermore, the Moving Average Convergence Divergence (MACD) indicator trades near the midline with a bullish stance. Any uptick in the MACD would invite bulls to recapture the September 7 high of 81.99.
Alternatively, a daily close below the 21-day SMA indicates a bearish bias in the cross-currency pair. AUD/JPY bears would take over the 80.35 horizontal support level as the first downside target followed by the low made on Thursday at 80.00. A break beneath the ascending trendline would certain the further downside of the pair toward the 79.55 horizontal support level.
AUD/JPY technical levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.