AUD/JPY Price Analysis: Keep pullback from three-month-old resistance line around 83.00

AUD/JPY steadies below key support after stepping back from five-week high.
Bullish MACD keeps buyers hopeful, 200-DMA is the key support.

Anil Panchal FXStreet

AUD/JPY stays pressured around an intraday low of 83.00 during Friday’s Asian session, following a pullback from the three-week top.

The profit-booking move could be linked to the cross-currency pair’s inability to cross a downward sloping trend line from November 2021.

However, the pair’s sustained trading above the 200-DMA, around 82.40 by the press time, joins the bullish MACD signals to keep AUD/JPY buyers hopeful.

Hence, the latest weakness in the pair could drag it towards the stated DMA support of 82.40 but any further weakness can tease the sellers.

Also acting as a downside filter is an ascending support line from January 28 around 82.15 and the 82.00 threshold.

Should the quote drops below 82.00, AUD/JPY bears won’t regret challenging January’s low near 80.35.

Meanwhile, AUD/JPY bulls need a daily closing beyond the aforementioned resistance line from November 2021, around 83.25 by the press time.

Following that, 61.8% Fibonacci retracement of November-December declines, near 83.45, will act as an additional challenge for the pair’s upside targeting January’s high of 84.30.

Overall, AUD/JPY prices may witness further pullback but a downtrend is far away.

AUD/JPY: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	83.11
Today Daily Change	-0.02
Today Daily Change %	-0.02%
Today daily open	83.13

Trends
Daily SMA20	81.94
Daily SMA50	82.1
Daily SMA100	82.6
Daily SMA200	82.43

Levels
Previous Daily High	83.99
Previous Daily Low	82.73
Previous Weekly High	82.29
Previous Weekly Low	80.55
Previous Monthly High	84.3
Previous Monthly Low	80.37
Daily Fibonacci 38.2%	83.51
Daily Fibonacci 61.8%	83.21
Daily Pivot Point S1	82.58
Daily Pivot Point S2	82.03
Daily Pivot Point S3	81.32
Daily Pivot Point R1	83.84
Daily Pivot Point R2	84.54
Daily Pivot Point R3	85.1

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.