AUD/JPY Price Analysis: Consolidates recent losses around 80.00, above key supports

AUD/JPY picks up bids after bouncing off the key supports.
One-month-old support line, 21-day EMA offer immediate downside barriers.
Buyers may wait for a clear break of the 12-day-old resistance line.

Anil Panchal FXStreet

AUD/JPY picks up bids near 80.05 during the initial Asian trading on Tuesday. The quote dropped to the lowest in one week the previous day but couldn’t keep the downside momentum as the key support lines and 21-day EMA probed sellers.

Even so, bearish MACD and a gradual weakness since early January keep sellers hopeful.

As a result, AUD/JPY buyers will wait for a clear run-up beyond the 80.10 round-figure, also comprising an upward sloping trend line from December 21, 2020, to challenge the previous week’s top around 80.50.

However, a descending resistance line from January 08, currently around 80.70, followed by the monthly top of 80.92 and the 81.00 threshold, will be tough nuts to crack for the AUD/JPY bulls.

Meanwhile, 21-day EMA and an ascending trend line from December 28 test short-term AUD/JPY sellers around 79.90-80. Also acting as the support is the monthly low near 79.50.

Should the AUD/JPY prices stay weak past-79.50, mid-December tops near 78.80 will gain the market attention.

AUD/JPY daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	80.03
Today Daily Change	-0.08
Today Daily Change %	-0.10%
Today daily open	80.11

Trends
Daily SMA20	79.93
Daily SMA50	78.43
Daily SMA100	76.95
Daily SMA200	75.29

Levels
Previous Daily High	80.45
Previous Daily Low	79.9
Previous Weekly High	80.52
Previous Weekly Low	79.51
Previous Monthly High	79.79
Previous Monthly Low	76.58
Daily Fibonacci 38.2%	80.11
Daily Fibonacci 61.8%	80.24
Daily Pivot Point S1	79.86
Daily Pivot Point S2	79.61
Daily Pivot Point S3	79.32
Daily Pivot Point R1	80.4
Daily Pivot Point R2	80.69
Daily Pivot Point R3	80.94

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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