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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	77.31
Today Daily Change	0.82
Today Daily Change %	1.07%
Today daily open	76.49

Trends
Daily SMA20	76.85
Daily SMA50	75.9
Daily SMA100	73.8
Daily SMA200	72.8

Levels
Previous Daily High	77.64
Previous Daily Low	76.46
Previous Weekly High	78.46
Previous Weekly Low	76.77
Previous Monthly High	78.46
Previous Monthly Low	75.1
Daily Fibonacci 38.2%	76.91
Daily Fibonacci 61.8%	77.19
Daily Pivot Point S1	76.08
Daily Pivot Point S2	75.68
Daily Pivot Point S3	74.9
Daily Pivot Point R1	77.27
Daily Pivot Point R2	78.05
Daily Pivot Point R3	78.46

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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