AUD/JPY Price Analysis: Eight-day-old resistance line probes further buying past-77.00
- AUD/JPY keeps recovery moves from two-week low but buyers await confirmation of further upside to rule out weekly loss.
- Bullish MACD, sustained bounce off 200-bar SMA favor buyers.
- Multiple supports can question bears before the monthly low of 76.12.
AUD/JPY struggles for a clear direction while taking rounds to 77.32 during the pre-Tokyo open trading on Thursday. The quote marked notable gains from the two-week low but is yet to avoid the weekly loss, which in turn pushes traders to watch out for a clear break of the immediate resistance line.
Considering the pair’s early-week bounce off 200-bar SMA, amid bullish MACD, the pair can keep the run-up towards 77.65 and 78.00 nearby hurdles on the sustained break of the 77.42 resistance line.
In a case where the bulls dominate past-78.00, the previous month’s top near 78.46, followed by the 79.00 threshold, will lure the bulls.
Alternatively, 77.00 can act as immediate support during the quote’s pullback moves ahead of 61.8% Fibonacci retracement of August 20-31 upside, at 76.69.
Also acting as downside barriers are 200-bar SMA and the monthly low, respectively near 76.45 and 76.10.
AUD/JPY four-hour chart
Trend: Bullish
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.
