AUD/JPY Price Analysis: Off five-week-old support line, eyes 83.20 resistance
- AUD/JPY keeps the early week’s corrective pullback from key support line.
- Confluence of 200-SMA, one-week-old resistance line guards immediate upside.
- Mid-February low add to the downside filters, three-week-old horizontal area offers extra resistance.
AUD/JPY picks up bids to 82.80 during the initial Asian session trading on Friday. In doing so, the quote keeps the bounce off an ascending trend line from February 17.
As MACD takes a turn in favor of the bulls during the corrective pullback, AUD/JPY is likely to extend the latest rise towards the key hurdle comprising 200-SMA and a descending resistance line from March 18, around 83.20.
However, a clear break above 83.20 will enable the AUD/JPY bulls to battle another crucial hurdle to the north, comprising multiple levels marked since March 04 near 84.00-84.10.
Meanwhile, a downside break below the stated support line, at 82.53 now, will need to refresh the monthly low under 82.28 to convince AUD/JPY sellers.
Also acting as the near-term important support is the February 17 low of 81.93, a break of which will direct AUD/JPY bears towards the 81.00 threshold.
AUD/JPY four-hour chart
Trend: Further recovery 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.
