AUD/JPY Price Analysis: Bulls keep the reins above 77.00
- AUD/JPY recedes from the highest levels since May 2019 flashed Thursday.
- Sustained trading above the 12-week-old ascending trend line keeps the bulls in control.
- February 2019 bottom offers immediate resistance, 21-day SMA and monthly support line could please bears below 77.00.
AUD/JPY eases to 77.32 during the early Friday morning in Asia. The pair refreshed the yearly high the previous day after breaking an upward sloping trend line from the early-June. However, failures to rise past-February 2019 low triggers the latest pullback.
Even so, bullish MACD and the successful break of the key short-term resistance line favor the buyers targeting a break of 77.44 immediate hurdle ahead of challenging March 2019 bottom surrounding 77.55.
It should, however, be noted that the pair’s ability to cross 77.55 enables it to pierce 78.00 round-figures while challenging the April 2019 low of 78.11.
On the contrary, a clear break below the multi-week-old support line, previous resistance, at 77.00 now, will highlight the early-month top surrounding 76.70 as the following rest-points.
In a case where the bears dominate past-76.70, a 21-day SMA level of 76.23 and an upward sloping trend line from July 30 near 75.87 will be important to watch.
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.
