AUD/JPY Price Analysis: Retreats from a 4-month-old resistance trendline, double top forming at 83.00

The AUD/JPY advances so far in the week, some 0.30%.
Risk-aversion in the financial markets caused the AUD/JPY retracement from 83.00, as tensions in Ukraine/Russia increased.
AUD/JPY is neutral biased, but failure at 83.00 seems to form a double-top that would target 80.00.

Christian Borjon Valencia FXStreet

The AUD/JPY retreats from weekly tops in the North American session, down some 0.59%. At press time, the AUD/JPY is trading at 82.57. Risk-aversion looms the financial markets. Russia/Ukraine tensions remain “high” as diplomats have been unable to reach an agreement in their negotiations.

The AUD/JPY rallied 150 pips in the week, despite a risk-off market mood in the financial markets, led by global equities. However, on Thursday, a headline of the Russia/Ukraine conflict caused a 90-pip drop in the pair in one hour.

AUD/JPY Price Forecast: Technical outlook

Timeframe: Daily chart

The AUD/JPY is neutral biased, though slightly tilted to the upside, by the location of the daily moving averages (DMAs) below the exchange rate, except for the 100-day moving average (DMA) at 82.72. However, the failure of AUD/JPY bulls at 83.00 exposed the pair to downward pressure.

Also, the confluence of the last two cycle highs around 83.00 depicts the formation of a possible “double-top” that will target 80.00, but it would find some hurdles on the way south.

The AUD/JPY first support would be the confluence of the 50 and the 200-DMA at 82.33-36 area. Breach of the latter would expose 82.00, followed by February 14 daily low at 81.55, and the January 28 daily low at 80.36.

AUD/JPY

Overview
Today last price	82.57
Today Daily Change	-0.54
Today Daily Change %	-0.65
Today daily open	83.11

Trends
Daily SMA20	81.97
Daily SMA50	82.28
Daily SMA100	82.68
Daily SMA200	82.38

Levels
Previous Daily High	83.18
Previous Daily Low	82.63
Previous Weekly High	83.99
Previous Weekly Low	81.41
Previous Monthly High	84.3
Previous Monthly Low	80.37
Daily Fibonacci 38.2%	82.97
Daily Fibonacci 61.8%	82.84
Daily Pivot Point S1	82.77
Daily Pivot Point S2	82.42
Daily Pivot Point S3	82.22
Daily Pivot Point R1	83.32
Daily Pivot Point R2	83.52
Daily Pivot Point R3	83.87

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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