AUD/JPY Price Analysis: Looks set to visit immediate support below 85.00 ahead of RBA


  • AUD/JPY prints mild losses while stepping back from two-week-old horizontal resistance.
  • Bearish MACD, downbeat market sentiment backs further weakness ahead of the key event.
  • RBA is likely to keep the benchmark rate, bond purchase unchanged but Rate Statement will be the key to watch.

AUD/JPY bounces off intraday low while picking up bids to 84.60, down 0.05% on a day, during early Tuesday. Even so, the quote registers another failure to cross the horizontal hurdle established since April 20.

Not only the nearby resistance area close to 84.75-70 but the market’s risk-off mood and cautious sentiment ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting also weigh on the quote.

Read: AUD/USD remains pressured around mid-0.7700s on downbeat Australia trade data, RBA eyed

Given the bearish MACD and the latest pullback moves, AUD/JPY is more likely to retest an ascending support line from April 22, around 84.40, should the RBA disappoint markets.

However, any further weakness past-84.20 will be challenged by the 200-SMA level of 83.90.

On the flip side, optimistic comments from the RBA could again help AUD/JPY to battle the 84.70-75 immediate resistance area.

It should be noted that a clear rise beyond 84.75 will propel the quote to the previous month’s high near the 85.00 threshold ahead of targeting March’s high near 85.45.

AUD/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 84.6
Today Daily Change -0.04
Today Daily Change % -0.05%
Today daily open 84.64
 
Trends
Daily SMA20 83.96
Daily SMA50 83.84
Daily SMA100 81.98
Daily SMA200 79.02
 
Levels
Previous Daily High 84.75
Previous Daily Low 84.24
Previous Weekly High 85.01
Previous Weekly Low 83.5
Previous Monthly High 85.01
Previous Monthly Low 83.04
Daily Fibonacci 38.2% 84.56
Daily Fibonacci 61.8% 84.44
Daily Pivot Point S1 84.34
Daily Pivot Point S2 84.04
Daily Pivot Point S3 83.83
Daily Pivot Point R1 84.84
Daily Pivot Point R2 85.05
Daily Pivot Point R3 85.35

 

 

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