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

Additional important levels

Overview
Today last price 70.65
Today Daily Change -0.29
Today Daily Change % -0.41%
Today daily open 70.94
 
Trends
Daily SMA20 69.27
Daily SMA50 67.62
Daily SMA100 70.53
Daily SMA200 72.17
 
Levels
Previous Daily High 71.03
Previous Daily Low 70.27
Previous Weekly High 70.18
Previous Weekly Low 68.55
Previous Monthly High 70.17
Previous Monthly Low 64.4
Daily Fibonacci 38.2% 70.74
Daily Fibonacci 61.8% 70.56
Daily Pivot Point S1 70.47
Daily Pivot Point S2 69.99
Daily Pivot Point S3 69.7
Daily Pivot Point R1 71.23
Daily Pivot Point R2 71.51
Daily Pivot Point R3 71.99

 

 

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