AUD/JPY Price Analysis: Offered near 15-week-old support line above 82.00
- AUD/JPY extends early week pullback from monthly high to refresh 13-day low.
- Bearish MACD backs the sellers but key support line, 50% Fibonacci retracement challenge further downside.
- Two-week-long horizontal line guards immediate upside below monthly hurdle.
AUD/JPY takes offers around 82.43, down 0.52% intraday, amid Thursday’s Asian session. In doing so, the cross-currency pair drops to the fresh low since June 21 as sellers attack an ascending support line from March 24.
Considering the pair’s downside break of short-term horizontal support, now resistance, coupled with the bearish MACD signals, sellers are likely to keep the reins. However, a daily closing below the stated support line figure of 82.40 will be required.
Following that, 61.8% Fibonacci retracement of late January to early May upside, near 81.70 and 200-DMA level of 80.95 will gain the market’s attention.
Meanwhile, the corrective bounce will have to cross the 82.80 immediate hurdle before aiming the monthly falling trend line, near 83.50.
Also acting as the key upside barrier is the late May low close to the 84.00 round figure.
To sum up, AUD/JPY remains on the back foot but bears await confirmation of further losses.
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.
