AUD/JPY Price Analysis: Bulls gearing up for 50-day SMA
- AUD/JPY cheers upside break of a six-week-old resistance line to pierce 76.00.
- Bullish MACD, sustained trading beyond 21-day SMA also favor the buyers.
- Two-week-old ascending trend line adds to the downside barrier.
AUD/JPY crosses 76.00 in a run-up beyond a multi-day-old resistance line, now support, during the early Friday morning in Asia. The cross closed beyond 21-day SMA for the first time since early September the previous day. Also suggesting the pair’s further upside are the bullish signals from the MACD histogram.
As a result, buyers are rushing towards a 50-day SMA level of 76.25 before challenging the 77.00 threshold.
It should, however, be noted that AUD/JPY upside past-77.00 will be questioned by the September 10 top of 77.73 and the last month’s peak surrounding 78.50.
Alternatively, the quote’s downside below the immediate support line, previous resistance, around 75.90, can revisit the 21-day SMA level of 75.72.
In a case where AUD/JPY bears sneak in below 21-day SMA, an ascending trend line from September 25, at 75.17 will gain market attention.
AUD/JPY daily chart
Trend: Bullish
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.
