AUD/JPY Price Analysis: Probes May 2019 high amid overbought RSI

AUD/JPY bulls catch a breather around multi-month high.
Overbought RSI conditions suggest a pullback to August month top.
Further upside will eye late-April 2019 peak, yearly resistance line.

Anil Panchal FXStreet

AUD/JPY seesaws around 19-month high while taking rounds to 78.60, up 0.08% intraday, during early Friday. The pair recently surged to the multi-month high after extending the upside break of the August 2020 peak.

However, overbought RSI conditions suggest the quote’s pullback moves to the previous resistance, August top of 78.46, amid a likely consolidation.

If the corrective moves decline below 78.46, September’s peak and 10-day SMA, respectively around 77.75 and 77.45, will be the key to watch.

Meanwhile, AUD/JPY bulls’ dominance beyond the latest high of 78.65 will target the late April 2019 top near 79.00 whereas an ascending trend line from December 2019, at 79.35 now, can challenge the pair’s further upside.

In a case where the buyers dominate past-79.35, the 80.00 psychological magnet will be in the spotlight.

AUD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	78.65
Today Daily Change	0.12
Today Daily Change %	0.15%
Today daily open	78.53

Trends
Daily SMA20	76.79
Daily SMA50	75.78
Daily SMA100	76
Daily SMA200	73.31

Levels
Previous Daily High	78.57
Previous Daily Low	77.42
Previous Weekly High	77.56
Previous Weekly Low	76.58
Previous Monthly High	77.12
Previous Monthly Low	73.18
Daily Fibonacci 38.2%	78.13
Daily Fibonacci 61.8%	77.86
Daily Pivot Point S1	77.78
Daily Pivot Point S2	77.03
Daily Pivot Point S3	76.63
Daily Pivot Point R1	78.92
Daily Pivot Point R2	79.32
Daily Pivot Point R3	80.07

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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