AUD/JPY Price Analysis: Teases key Fibonacci support on upbeat Australia Retail Sales


  • AUD/JPY bounces off weekly low but fails to stay firmer.
  • Australia Retail Sales jumps the most in 2021 during October.
  • Failures to cross 50-SMA, descending Momentum line keep bears hopeful.
  • 78.6% Fibonacci retracement of bear’s radar, bulls need validation from three-week-old horizontal area.

AUD/JPY struggles to overcome weekly low, despite the firmer Aussie Retail Sales data favoring the quote’s rebound during early Friday. The cross-currency pair picks up bids to 82.42 at the latest, printing a three-day low with 0.60% daily loss.

Australia Retail Sales not only crossed 2.5% market consensus and 1.3% prior reading but also marked the heaviest increase in October to jump with a 4.5% YoY print.

Even so, the AUD/JPY remains pressured around the 61.8% Fibonacci retracement (Fibo.) level of October’s upside amid the downbeat Momentum line.

The corrective pullback remains elusive until crossing 83.10 resistance confluence including the 50% Fibo. and 50-SMA.

Also acting as an upside filter is the horizontal area comprising multiple highs marked since November 08 around 84.15-20.

Meanwhile, a clear downside past 61.8% Fibonacci retracement level of 82.30 will direct the quote towards 78.6% Fibo. near 81.25.

While the 82.00 threshold may act as a buffer during the fall, the last month’s bottom of 79.90 will be crucial to watch past 81.25.

AUD/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 82.43
Today Daily Change -0.49
Today Daily Change % -0.59%
Today daily open 82.92
 
Trends
Daily SMA20 83.75
Daily SMA50 83.02
Daily SMA100 81.9
Daily SMA200 82.96
 
Levels
Previous Daily High 83.2
Previous Daily Low 82.8
Previous Weekly High 84.16
Previous Weekly Low 82.16
Previous Monthly High 86.26
Previous Monthly Low 79.9
Daily Fibonacci 38.2% 82.95
Daily Fibonacci 61.8% 83.05
Daily Pivot Point S1 82.74
Daily Pivot Point S2 82.57
Daily Pivot Point S3 82.34
Daily Pivot Point R1 83.14
Daily Pivot Point R2 83.37
Daily Pivot Point R3 83.55

 

 

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