AUD/JPY Price Analysis: Hanging man near multi-month top probes bulls

AUD/JPY fades bounce off 80.64, snapped five-day uptrend on Tuesday.
Bearish candlestick formation gains major attention near the highest since December 2018.
Bullish MACD, multiple tops in January will test intraday sellers.

Anil Panchal FXStreet

AUD/JPY drops to 80.91 during the early Wednesday’s Asian session. In doing so, the cross justifies the previous day’s hanging man candlestick formation on the daily (D1) chart.

With the bearish candlestick on the multi-day top, AUD/JPY is likely to extend its latest pullback from 81.19. However, bullish MACD and multiple stops marked during January, also including 21-day SMA challenges the quote’s short-term downside.

The late January top near 80.65 could be the immediate support to watch ahead of the 21-day SMA level of 80.26.

Also likely to test the AUD/JPY bears is the 80.00 round-figure and an ascending trend line from December 21, 2020, currently around 79.75.

Meanwhile, an upside clearance of Monday’s top of 81.19 will initially eye for the 82.00 round-figure ahead of targeting the December 13, 2018 high near 82.20.

AUD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	80.89
Today Daily Change	-0.17
Today Daily Change %	-0.21%
Today daily open	81.06

Trends
Daily SMA20	80.22
Daily SMA50	79.27
Daily SMA100	77.33
Daily SMA200	75.91

Levels
Previous Daily High	81.19
Previous Daily Low	80.78
Previous Weekly High	80.87
Previous Weekly Low	79.54
Previous Monthly High	80.93
Previous Monthly Low	78.85
Daily Fibonacci 38.2%	81.04
Daily Fibonacci 61.8%	80.94
Daily Pivot Point S1	80.83
Daily Pivot Point S2	80.6
Daily Pivot Point S3	80.43
Daily Pivot Point R1	81.24
Daily Pivot Point R2	81.42
Daily Pivot Point R3	81.65

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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