AUD/JPY Price Analysis: Eyes to confirm rising wedge on 4H

AUD/JPY remains pressured inside bearish chart pattern.
Downbeat MACD conditions, challenges to risks favor sellers.
Two-week-old support line adds filters to the downside.

Anil Panchal FXStreet

AUD/JPY wavers around 83.40 during the early Asian session on Friday. In doing so, the quote remains on the back foot inside a rising wedge bearish formation on the four-hour (4H) chart.

Given the sluggish MACD and the latest risk-off mood, mainly backed by the surge in the Treasury yields, AUD/JPY is vulnerable to confirm the chart pattern suggesting further downside.

However, sellers will wait for a clear break below 83.25 to keep the bearish view. Also acting as a challenge to the south-run is an ascending trend line from February 17, at 82.55 now.

In a case where AUD/JPY bears dominate past-82.55, the early February tops near 81.20 will be on their radars.

Meanwhile, the 84.00 threshold acts as an immediate upside barrier for the quote ahead of February’s top, also the highest since early 2018, near 84.95.

Should the AUD/JPY bulls manage to cross 84.95, the 85.00 round-figure holds the key to the quote’s further rise towards February 13, 2018 peak surrounding 85.60.

AUD/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	83.37
Today Daily Change	0.10
Today Daily Change %	0.12%
Today daily open	83.27

Trends
Daily SMA20	82.2
Daily SMA50	80.8
Daily SMA100	78.54
Daily SMA200	76.99

Levels
Previous Daily High	83.76
Previous Daily Low	83.12
Previous Weekly High	84.95
Previous Weekly Low	82
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	83.37
Daily Fibonacci 61.8%	83.51
Daily Pivot Point S1	83.01
Daily Pivot Point S2	82.75
Daily Pivot Point S3	82.38
Daily Pivot Point R1	83.64
Daily Pivot Point R2	84.02
Daily Pivot Point R3	84.27

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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