AUD/JPY Price Analysis: Bulls keep reins despite pullback towards 95.00

AUD/JPY retreats from monthly high but defends the key resistance breakout.
Firmer RSI, bullish MACD signals add strength to the upside bias.
July’s peak appears an immediate hurdle, bears need validation from 94.70 to retake control.

Anil Panchal FXStreet

AUD/JPY extends pullback from monthly high to 95.20 heading into Friday’s European session. Even so, the cross-currency pair stays on the bull’s radar as it keeps the previous breakout of the key hurdles amid firmer oscillators.

That said, the latest retreat remains elusive until breaking convergence of the resistance-turned-support line from early June and a three-week-old support line, near 94.70.

Following that, the mid-month low surrounding 93.00 could trigger the AUD/JPY rebound, if not then the 50% and 61.8% Fibonacci retracement of the pair’s May-June moves, respectively near 92.10 and 90.90, could lure the bears.

Meanwhile, recovery moves may initially aim for July’s peak of 95.75 ahead of challenging the yearly top marked in July at around 96.90.

Should the quote remains firmer past 96.90, and also cross the 97.00 hurdle, the AUD/JPY run-up could quickly challenge the 100.00 psychological magnet.

Overall, AUD/JPY buyers can ignore the latest pullback in prices unless witnessing a clear break of the 94.70 support level.

AUD/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	95.21
Today Daily Change	-0.07
Today Daily Change %	-0.07%
Today daily open	95.28

Trends
Daily SMA20	93.88
Daily SMA50	93.85
Daily SMA100	93.14
Daily SMA200	88.54

Levels
Previous Daily High	95.44
Previous Daily Low	94.62
Previous Weekly High	95.09
Previous Weekly Low	93.07
Previous Monthly High	95.76
Previous Monthly Low	91.42
Daily Fibonacci 38.2%	95.13
Daily Fibonacci 61.8%	94.93
Daily Pivot Point S1	94.79
Daily Pivot Point S2	94.29
Daily Pivot Point S3	93.96
Daily Pivot Point R1	95.61
Daily Pivot Point R2	95.94
Daily Pivot Point R3	96.43

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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