AUD/JPY Price Analysis: On the rise, but bearish trendline still intact

AUD/JPY has bounced strongly from the weekly low of 74.94.
However, the five-week-long bearish trendline is still intact.

Omkar Godbole FXStreet Contributor

While AUD/JPY is flashing green at press time, it is yet to clear the key bearish trendline.

The pair is currently trading 75.70, representing a 0.2% gain on the day, having risen from 74.94 to 75.65 on Wednesday.

The bounce from 75.65 to 75.70 has reversed the major of decline seen on Tuesday. However, the bias still remains bearish as the trendline falling from Au./31 and Sept. 15 highs is intact.

At press time, the trendline resistance is located at 76.00. A daily close above that level would imply a bullish reversal and open the doors to 76.87 (July 22 high).

Alternatively, a move below Wednesday's low of 74.94 would establish a fresh lower low and may yield deeper losses.

Daily chart

Trend: Bearish

Technical levels

AUD/JPY

Overview
Today last price	75.7
Today Daily Change	0.06
Today Daily Change %	0.08
Today daily open	75.64

Trends
Daily SMA20	75.76
Daily SMA50	76.23
Daily SMA100	75.19
Daily SMA200	72.86

Levels
Previous Daily High	75.76
Previous Daily Low	74.96
Previous Weekly High	76.05
Previous Weekly Low	74.12
Previous Monthly High	78.36
Previous Monthly Low	73.97
Daily Fibonacci 38.2%	75.45
Daily Fibonacci 61.8%	75.26
Daily Pivot Point S1	75.15
Daily Pivot Point S2	74.65
Daily Pivot Point S3	74.35
Daily Pivot Point R1	75.95
Daily Pivot Point R2	76.25
Daily Pivot Point R3	76.75

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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