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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	82.8
Today Daily Change	0.36
Today Daily Change %	0.44%
Today daily open	82.44

Trends
Daily SMA20	83.71
Daily SMA50	82.08
Daily SMA100	79.97
Daily SMA200	77.71

Levels
Previous Daily High	83.04
Previous Daily Low	82.29
Previous Weekly High	85.45
Previous Weekly Low	84.11
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	82.57
Daily Fibonacci 61.8%	82.75
Daily Pivot Point S1	82.14
Daily Pivot Point S2	81.84
Daily Pivot Point S3	81.39
Daily Pivot Point R1	82.89
Daily Pivot Point R2	83.34
Daily Pivot Point R3	83.64

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.

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