AUD/JPY Price Analysis: Upside break of 75.70 will confirm rounding bottom on 4-hour chart

AUD/JPY fails to extend recoveries beyond seven-day high, currently pressed in the choppy range between 75.43 and 75.60.
Multiple lows marked during late-August, 100-bar EMA restricts the pair from confirming the bullish chart formation in the 4-hour chart.
Wednesday’s low can offer immediate support during fresh downside.

Anil Panchal FXStreet

AUD/JPY fades upside momentum while easing from one week high to 75.50 during the early Thursday morning in Asia. Even so, bullion MACD signals that the quote stands firm to approve the bullish chart formation on the 4-hour timeframe.

As a result, fresh buying will await a sustained break of 75.70, which in turn will lead the AUD/JPY prices towards the theoretical target near the mid-September high of 77.50.

However, September 08 low close to 76.15 and the 77.00 round-figure may offer intermediate halts during the rise.

Alternatively, sellers are less likely to take fresh entries unless the quote drops below the latest low of 74.87.

Also expected to challenge AUD/JPY downside past-74.87 are Monday’s high of 74.62 and the monthly bottom surrounding 74.00.

AUD/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	75.5
Today Daily Change	0.16
Today Daily Change %	0.21%
Today daily open	75.34

Trends
Daily SMA20	76.27
Daily SMA50	76.24
Daily SMA100	74.84
Daily SMA200	72.88

Levels
Previous Daily High	75.43
Previous Daily Low	74.59
Previous Weekly High	76.39
Previous Weekly Low	73.97
Previous Monthly High	78.46
Previous Monthly Low	75.1
Daily Fibonacci 38.2%	75.11
Daily Fibonacci 61.8%	74.91
Daily Pivot Point S1	74.81
Daily Pivot Point S2	74.28
Daily Pivot Point S3	73.97
Daily Pivot Point R1	75.65
Daily Pivot Point R2	75.96
Daily Pivot Point R3	76.49

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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