AUD/JPY Price Analysis: Impending bear cross tests bulls above $83.00
- AUD/JPY retreats from six-week high, recently pressured around intraday low.
- Bullish MACD signals keep buyers hopeful but RSI line, two-month-old horizontal resistance challenge further upside.
AUD/JPY eases after refreshing multi-day top, down 0.10% intraday around 83.55 during early Monday morning in Europe.
In doing so, the cross-currency pair stays above 61.8% Fibonacci retracement (Fibo.) of October-December declines but teases a bearish moving average cross-over by the press time.
However, the bullish MACD signals suggest the quote’s further upside towards a horizontal area comprising multiple levels marked since November 04, around 84.20.
While the RSI conditions suggest a pullback from the stated resistance, failures to do so will need to pierce the 84.70 hurdle before challenging the October 26 peak of 86.25.
Meanwhile, a clear downside break of the stated key Fibo. level surrounding 83.40 will aim for the mid-December swing high near 82.40.
During the quote’s weakness past 82.40, the 50-DMA will easily be seen dropping below the 200-DMA, suggesting a bearish cross and signaling further weakness of AUD/JPY prices.
As a result, an upward sloping trend line from December 03, near 81.55, will be crucial to watch for AUD/JPY sellers.
AUD/JPY: Daily chart
Trend: Pullback expected
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.
