AUD/JPY Price Analysis: Sellers attack 11-week-old support line

AUD/JPY stays depressed near two-week low after posting the heaviest declines since the early-June.
A sustained break of support line will attack 50-day SMA, 23.6% of Fibonacci retracement.
MACD extends the bearish signals flashed Tuesday, downside break of June month’s high also favor sellers.

Anil Panchal FXStreet

AUD/JPY aptly portrays the market mood while dwindling near 76.40, the lowest since August 25, amid the early Wednesday morning in Asia. The quote marked the heaviest losses in three months the previous day to question the strength of an ascending support line from June 22.

Additionally, the pair’s sustained trading below June top, backed by bearish MACD, also suggests that the quote’s further weakness is on the cards.

However, a daily closing below 76.40 will be necessary for the sellers to aim for a 50-day SMA and 23.6% Fibonacci retracement of May-August upside, around 75.95/90.

During the additional south-run past-75.90, August 20 bottom close to 75.60 will precede the previous month’s trough surrounding 75.10 to grab the market attention.

Meanwhile, June month’s high near 76.80 acts as immediate resistance for the pair ahead of the weekly top near 77.60/65 and 78.00.

AUD/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	76.37
Today Daily Change	-0.96
Today Daily Change %	-1.24%
Today daily open	77.33

Trends
Daily SMA20	76.83
Daily SMA50	75.86
Daily SMA100	73.71
Daily SMA200	72.79

Levels
Previous Daily High	77.6
Previous Daily Low	77.24
Previous Weekly High	78.46
Previous Weekly Low	76.77
Previous Monthly High	78.46
Previous Monthly Low	75.1
Daily Fibonacci 38.2%	77.38
Daily Fibonacci 61.8%	77.47
Daily Pivot Point S1	77.18
Daily Pivot Point S2	77.03
Daily Pivot Point S3	76.82
Daily Pivot Point R1	77.54
Daily Pivot Point R2	77.76
Daily Pivot Point R3	77.91

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.