AUD/JPY Price Analysis: Buyers will look for entry above 74.00


  • AUD/JPY forms a symmetrical triangle pattern amid bullish MACD.
  • 200-bar SMA, 61.8% Fibonacci retracement act as the strong resistance.
  • Sellers will refrain unless the quote slips below 73.30.

AUD/JPY trades near 73.71 during the early Wednesday morning in Asia. In doing so, the pair remains inside the short-term symmetrical triangle formation. However, bullish MACD signals and a broad risk recovery seem to favor the quote’s further upside.

That said, the triangle’s resistance around 74.00 will be the trigger for the fresh run-up towards the last week’s top surrounding 74.40.

However, a confluence of 200-bar SMA and 61.58% Fibonacci retracement of the pair’s declines between January 16 and February 02, around 74.77/80, will be the key resistance holding the gate for the arrival of 75.00.

On the downside, the triangle support and 23.6% Fibonacci retracement limit the pair’s near-term declines close to 73.30.

Should AUD/JPY prices slip below 73.30, 73.00 and the monthly low around 72.40 will return to the charts.

AUD/JPY four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 73.71
Today Daily Change 0.38
Today Daily Change % 0.52
Today daily open 73.33
 
Trends
Daily SMA20 74.35
Daily SMA50 74.9
Daily SMA100 74.36
Daily SMA200 74.37
 
Levels
Previous Daily High 73.67
Previous Daily Low 73.06
Previous Weekly High 74.39
Previous Weekly Low 72.5
Previous Monthly High 76.34
Previous Monthly Low 72.46
Daily Fibonacci 38.2% 73.44
Daily Fibonacci 61.8% 73.29
Daily Pivot Point S1 73.03
Daily Pivot Point S2 72.73
Daily Pivot Point S3 72.41
Daily Pivot Point R1 73.65
Daily Pivot Point R2 73.97
Daily Pivot Point R3 74.27

 

 

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