- AUD/JPY consolidates Friday’s rally below 76.52 but stays above 200-bar SMA, a three-week-old support line.
- Bullish MACD, another support line stretched from August 31 also challenge the sellers.
AUD/JPY eases to 76.42, after stepping back from Friday’s top near 76.50/55, amid the early Asian morning on Monday. Even so, the pair remains well above the joint of 200-bar SMA and an ascending trend line from September 22, previous resistance, amid bullish MACD.
Hence, the sellers are less likely to enter unless AUD/JPY prices slip below the mentioned support of 76.35/30.
Following that, the quote will quickly break the 50% Fibonacci retracement of August 31 to September 24 downside, at 76.22, while targeting the 76.00 round-figure.
However, a downward sloping trend line from August-end, currently around 75.82, will challenge the AUD/JPY bears afterward, if not then the 75.00 round-figure and the monthly low of 74.93 will be in the spotlight.
Meanwhile, a clear run-up beyond Friday’s peak of 76.52 will propel the pair towards a 61.8% Fibonacci retracement level of 76.76 before challenging the September 18 top near 76.85.
If the bulls keep the throne after 76.85, the mid-September peak surrounding 77.50 will become their favorite.
AUD/JPY four-hour chart
Trend: Bullish
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