AUD/JPY Price Analysis: Further upside hinges on 83.40 break

AUD/JPY stays sidelined after refreshing the monthly high.
Clear upside break of 50-DMA, firmer RSI hint at further advances of the quote.
Late November swing highs challenge bulls, 100-DMA restricts the bear’s entry.

Anil Panchal FXStreet

AUD/JPY bulls take a breather after renewing the monthly top near 83.20 during early Tuesday’s Asian session.

The cross-currency pair’s upside momentum gains support from the first daily closing beyond the 50-DMA in over a month and firmer RSI line, not overbought. However, tops marked during late November, around 83.40, seem to restrict the quote’s additional run-up.

Should the quote rises past 83.40, the 84.00 threshold and mid-November’s high near 84.15 will be in focus ahead of late October’s bottom of 84.60.

Meanwhile, pullback moves remain elusive until staying beyond the 50-DMA and the 200-DMA levels, respectively near 82.80 and 82.60.

Even so, the 100-DMA and 61.8% Fibonacci retracement of August-October upside, close to 81.90 and 81.10 in that order, will test the AUD/JPY bears before giving them the controls.

AUD/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	83.17
Today Daily Change	0.42
Today Daily Change %	0.51%
Today daily open	82.75

Trends
Daily SMA20	81.12
Daily SMA50	82.92
Daily SMA100	81.86
Daily SMA200	82.68

Levels
Previous Daily High	82.92
Previous Daily Low	82.55
Previous Weekly High	82.99
Previous Weekly Low	80.27
Previous Monthly High	86.06
Previous Monthly Low	80.12
Daily Fibonacci 38.2%	82.69
Daily Fibonacci 61.8%	82.78
Daily Pivot Point S1	82.56
Daily Pivot Point S2	82.37
Daily Pivot Point S3	82.2
Daily Pivot Point R1	82.93
Daily Pivot Point R2	83.11
Daily Pivot Point R3	83.3

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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