AUD/JPY Price Analysis: July 30 bottom lures sellers before 100-day SMA
- AUD/JPY bears cheer the break of 50-day SMA around the lowest since August 03.
- Bearish MACD adds strength to the sellers’ confidence.
- Bulls need a clear break beyond July month’s peak for re-entry.
AUD/JPY consolidates the losses nears the six-week lows while taking rounds to 75.60 amid the early Tuesday morning in Asia. The pair’s break of the 50-day SMA dragged to the lowest since August 03 while bearish MACD signals indicate further downside.
Other than the 75.00 threshold, July 24 low near 74.85 can provide strong support for the pair ahead of the 100-day SMA level of 74.57.
If at all the bears refrain from stepping near the multi-day lows, also comprising the key SMA, a confluence of 200-day SMA and 5% Fibonacci retracement of April-August upside near 72.90/85 will be crucial for AUD/JPY traders.
Meanwhile, the pair’s pullback moves may target 50-day SMA, at 76.30 now, as immediate recovery but buyers may remain cautious until the quote cross July month’s high of 76.87.
Following that 77.00 and September 10 peak surrounding 77.85/90 will appear on the bulls’ radars.
AUD/JPY daily chart
Trend: Bearish
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.
