AUD/JPY Price Analysis: Eases towards 200-HMA inside weekly rising channel, eyes Aussie Q4 GDP

AUD/JPY catches a breather during the week’s recovery moves.
MACD teases bears but needs validation from the stated channel.
Key Fibonacci retracement levels will probe buyers outside the bullish pattern.

Anil Panchal FXStreet

AUD/JPY fades the early week's corrective pullback while stepping back to 83.43, despite keeping the bullish chart formation, during the initial Asian session on Wednesday. In doing so, the quote eases from the upper line of the weekly ascending trend channel ahead of the fourth-quarter (Q4) Australia GDP data.

Read: Australian GDP Preview: Prospects for a sustained economic recovery

Given the cautious sentiment ahead of the key data, coupled with not upbeat expectations from GDP, AUD/JPY may extend the pullback moves towards the 200-HMA level of 83.18.

Also supporting the hopes of further weakness could be the MACD conditions that seem to tease bears.

However, AUD/JPY sellers are less likely to turn serious until witnessing an hourly close below the support line of the stated channel, at 82.95 now, which in turn should challenge the weekly bottom surrounding 82.00.

Meanwhile, an upside break of the channel’s resistance line, currently around 83.70, will have to cross the 61.8% Fibonacci retracement of February 25-26 downside, around 83.85, before recalling the AUD/JPY buyers.

Following that, the multi-month top posted in February around the 85.00 threshold will be the key to watch.

AUD/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	83.4
Today Daily Change	0.41
Today Daily Change %	0.49%
Today daily open	82.99

Trends
Daily SMA20	81.85
Daily SMA50	80.6
Daily SMA100	78.38
Daily SMA200	76.87

Levels
Previous Daily High	83.13
Previous Daily Low	82.12
Previous Weekly High	84.95
Previous Weekly Low	82
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	82.75
Daily Fibonacci 61.8%	82.51
Daily Pivot Point S1	82.36
Daily Pivot Point S2	81.73
Daily Pivot Point S3	81.35
Daily Pivot Point R1	83.38
Daily Pivot Point R2	83.76
Daily Pivot Point R3	84.39

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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