AUD/JPY Price Analysis: Buyers combat 20 and 50-day SMA crossover near 80.55

AUD/JPY looks exhausted on Friday following the previous two day’s run, still trades higher.
Double bottom near 79.00 provides much needed support for the cross-currency pair.
Momentum oscillators point to a struggle for the bulls to march higher at the current moment.

Rekha Chauhan Independent Analyst

AUD/JPY edges mildly higher in the Asian trading hours on Friday morning. The pair gained in the previous session, which constitutes a rise of more than 100-pips. As of writing, AUD/JPY is trading,at 80.52, up 0.06% for the day.

AUD/JPY daily chart

Technically speaking, the pair has been in the short-term downtrend since June 17after making a high of 84.62, which was confirmed by a break of 20-day and 50-day Simple Moving Average(SMA) confluence at 84.57 and 84.43 respectively.

The pair bucked the previous trend following the formation of a Doji candlestick on August 20. AUD/JPY retraced back to September month high at 81.52 (September 3) only to fall back to the 79.00 level from where it jumped to 80.59 in a matter of previous two days.

If the price breaks the 20 and 50-day SMA crossover, it could test the 81.00 horizontal resistance level followed by the high made on September 8 at 81.64. Next, the AUD/JPY bulls would enjoy the 82.05 horizontal support level.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator trades below the midline with a bearish stance. Any downtick in the MACD would invite bears back into the picture with the 80.00 horizontal support level as the first downside target.

A daily close below 80.00 would prompt AUD/JPY to retest the previous day's low at 79.35 followed by the 79.00 horizontal support level.

AUD/JPY additional levels

Overview
Today last price	80.54
Today Daily Change	0.96
Today Daily Change %	1.21
Today daily open	79.58

Trends
Daily SMA20	80.52
Daily SMA50	80.55
Daily SMA100	82.31
Daily SMA200	82.21

Levels
Previous Daily High	79.95
Previous Daily Low	78.85
Previous Weekly High	81.15
Previous Weekly Low	79.75
Previous Monthly High	81.58
Previous Monthly Low	77.9
Daily Fibonacci 38.2%	79.53
Daily Fibonacci 61.8%	79.27
Daily Pivot Point S1	78.97
Daily Pivot Point S2	78.36
Daily Pivot Point S3	77.87
Daily Pivot Point R1	80.07
Daily Pivot Point R2	80.56
Daily Pivot Point R3	81.17

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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