AUD/JPY technical analysis: 3-week old resistance-line, 73.44/48 confluence question bulls

AUD/JPY remains positive with bullish MACD.
Further upside challenged by near-term trend-line resistance and a confluence of 50% Fibonacci retracement, 4H 100MA.

Anil Panchal FXStreet

Following its run-up to the eight-day high, AUD/JPY seesaws near 72.48 during the early Asian session on Wednesday.

While the bullish signal from moving average convergence and divergence (MACD) favor the pair’s further upside, 38.2% Fibonacci retracement of late-July to early August decline, at 72.80, becomes immediate resistance to watch.

Should prices manage to rise past-72.80, a downward sloping trend-line since July 23 can question further upside at 73.24, a break of which can escalate the advances to 73.44/48 confluence including 50% Fibonacci retracement and 100-bar moving average on the 4-hour chart (4H 100MA).

If the quote surges above 73.48, 61.8% Fibonacci retracement near 74.10 and July 31 low near 74.35 could lure buyers.

On the downside, 71.40 and recent low surrounding 70.75 can keep sellers away from 70.00 round-figure.

AUD/JPY 4-hour chart

Trend: Pullback expected

1. R3 72.35
2. R2 72.03
3. R1 71.55
PP 71.23
1. S1 70.75
2. S2 70.43
3. S3 69.95

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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