AUD/JPY Price Analysis: Weekly resistance line guards recovery moves toward 78.00

AUD/JPY fades recovery moves from 100-hour EMA below 78.00.
A falling trend line from Monday’s high question the buyers amid bullish MACD.
Sellers will stay away from beyond 50% Fibonacci retracement.

Anil Panchal FXStreet

AUD/JPY eases to 77.88 during the initial Asian session on Thursday. In doing so, the aussie cross can’t keep the bounce off 100-hour EMA. Even so, bullish MACD keeps the buyers hopeful unless the quote drops below Thursday’s low.

However, a clear break of a descending trend line from Monday, at 78.00 now, will be necessary for the bulls to retake control.

While in command, the AUD/JPY optimists may initially attack the weekly top surrounding 78.45 before heading to the May 2019 peak close to 78.95.

Alternatively, a downside break of the 100-hour EMA level, currently near 77.75, will need validation from the recent low of 77.53 ahead of challenging Friday’s bottom close to 77.10.

In a case where the bears fail to step back from 77.10, also dominate past-77.00, the August 26 peak of 76.76 will be in the spotlight.

AUD/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	77.87
Today Daily Change	-0.24
Today Daily Change %	-0.31%
Today daily open	78.11

Trends
Daily SMA20	76.53
Daily SMA50	75.56
Daily SMA100	73.34
Daily SMA200	72.73

Levels
Previous Daily High	78.36
Previous Daily Low	78.01
Previous Weekly High	77.96
Previous Weekly Low	75.67
Previous Monthly High	78.46
Previous Monthly Low	75.1
Daily Fibonacci 38.2%	78.23
Daily Fibonacci 61.8%	78.14
Daily Pivot Point S1	77.96
Daily Pivot Point S2	77.81
Daily Pivot Point S3	77.61
Daily Pivot Point R1	78.31
Daily Pivot Point R2	78.51
Daily Pivot Point R3	78.67

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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