AUD/JPY Price Analysis: Drops towards 83.00 on breaking one-week-old support

AUD/JPY takes offers after breaking 50-bar SMA, one-week-old ascending trend channel.
MACD also teases bears, 100-bar SMA lures short-term sellers.
Short-term falling trend line adds to the upside barriers.

Anil Panchal FXStreet

AUD/JPY extends the previous day’s losses while declining to 83.17 during the early Asian session on Thursday. In doing so, the pair reacts to the latest breakdown of an ascending trend channel formation since February 26 as well as 50-bar SMA.

Given the MACD conditions teasing the AUD/JPY sellers, the quote is likely eyeing the 100-bar SMA level of 82.54. However, the 83.00 threshold will offer an intermediate halt during the fall.

Should the AUD/JPY bears refrain to step back from 100-bar SMA, like they did last week, Friday’s low near 81.99 becomes the key.

Meanwhile, a corrective pullback beyond the previous support confluence near 83.35 will need to cross a one-week-old descending trend line resistance, at 83.65, to recall the AUD/JPY buyers.

Following that, the stated channel’s upper line around 84.15 and February’s top near 85.00 should gain the market’s attention.

AUD/JPY four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	83.2
Today Daily Change	-0.36
Today Daily Change %	-0.43%
Today daily open	83.56

Trends
Daily SMA20	82.04
Daily SMA50	80.71
Daily SMA100	78.46
Daily SMA200	76.93

Levels
Previous Daily High	83.64
Previous Daily Low	82.63
Previous Weekly High	84.95
Previous Weekly Low	82
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	83.25
Daily Fibonacci 61.8%	83.01
Daily Pivot Point S1	82.91
Daily Pivot Point S2	82.27
Daily Pivot Point S3	81.9
Daily Pivot Point R1	83.92
Daily Pivot Point R2	84.29
Daily Pivot Point R3	84.93

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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