AUD/JPY Price Analysis: Stays above key supports around 83.00 ahead of RBA

AUD/JPY awaits fresh clues to extend the latest recovery moves.
100-bar SMA, multiple trend lines offer strong support above 82.00.
MACD teases bulls as the quote nears last week’s trading range around 83.00.
RBA is less likely to alter current monetary policy, statements will be the key.

Anil Panchal FXStreet

AUD/JPY eases to 82.95 as bulls await the RBA rate decision during the early Asian session on Tuesday. In doing so, the quote steps back from the last week’s range around the 83.00 round-figure.

Read: Reserve Bank of Australia Preview: Policymakers at a crossroad

However, the MACD is losing the bearish bias and the RBA is also expected to turn down the previously bearish hopes. Also, the quote stays above key SMA and multiple support lines to keep the AUD/JPY buyers hopeful.

As a result, an upside break to the sideways move near 83.00, towards the 83.30 hurdle, becomes imminent. However, any further advances need to clear 83.85-90 before challenging the 84.30 and the previous month’s top near 85.00.

Meanwhile, 100-bar SMA and an ascending trend line from January 28, respectively around 82.25 and 82.15, can offer immediate support during the quote’s further weakness.

Also acting as a downside filter is a two-week-old upward sloping support line, at 82.00 now.

It should, however, be noted that the AUD/JPY weakness below the 82.00 mark, will direct the bears to a 200-bar SMA level of 81.17.

AUD/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	82.97
Today Daily Change	0.96
Today Daily Change %	1.17%
Today daily open	82.01

Trends
Daily SMA20	81.7
Daily SMA50	80.5
Daily SMA100	78.31
Daily SMA200	76.81

Levels
Previous Daily High	83.82
Previous Daily Low	82
Previous Weekly High	84.95
Previous Weekly Low	82
Previous Monthly High	84.95
Previous Monthly Low	79.54
Daily Fibonacci 38.2%	82.69
Daily Fibonacci 61.8%	83.13
Daily Pivot Point S1	81.4
Daily Pivot Point S2	80.78
Daily Pivot Point S3	79.57
Daily Pivot Point R1	83.23
Daily Pivot Point R2	84.44
Daily Pivot Point R3	85.05

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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