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.
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
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.
