AUD/JPY Price Analysis: Struggles to justify rising wedge break below 71.00
- AUD/JPY seesaws in a choppy range between 70.55 and 70.75 after confirming the bearish chart pattern.
- A sustained break of immediate support line highlights 200-HMA.
- Bulls can target March high beyond 71.15.
AUD/JPY takes rounds to 70.70/65 amid the initial Asian session on Friday. That said, the pair confirmed a bearish technical formation by slipping below 70.70. However, an immediate ascending support line seems to restrict the pair’s latest fall.
Also Read: Fitch revises Australia's outlook to negative, affirms rating at 'AAA'
As a result, sellers await the downside break of 70.55 support to extend the fall towards a 200-HMA level of 69.77. Though, 70.00 may offer an intermediate halt during the declines.
It should also be noted that May 15 high near 69.54 may check bears below 200-HMA.
Alternatively, an upside break beyond 70.70 can trigger the pair’s fresh recovery moves toward a three-day-old rising trend line, at 71.15 now.
In a case where the bulls manage to conquer 71.15, March month high around 71.50/55 will be on their radars.
AUD/JPY hourly chart
Trend: Further selling expected
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.
