AUD/JPY technical analysis: 50% Fibo. can trigger pullback amid oversold RSI levels

Repeated failures to slip beneath 50% Fibo and RSI conditions favor pullback.
A downward sloping trend-line since mid-April can the limit upside.

Anil Panchal FXStreet

AUD/JPY seesaws near 75.90 ahead of Australian employment data on early Thursday.

The 50% Fibonacci retracement level of January to April upside, near 75.80, acts as immediate support for the pair while 14-day relative strength index (RSI) signals oversold conditions.

Given the nearness to important support and RSI levels, chances of the pair’s pullback to 76.30 are much brighter. However, a month-old descending trend-line at 76.75 could question further upside.

If prices manage to rise past-76.75, buyers’ can again aim for 77.45/50 resistance-area comprising multiple lows marked during January and March.

Meanwhile, a downside break of 75.80 highlights January 04 low near 75.25 as the key level ahead of shifting market attention to July 2016 bottom surrounding 74.50.

Additionally, pair’s sustained declines under 74.50 might not refrain from visiting 2016 low near 72.40.

AUD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.9
Today Daily Change	-22 pips
Today Daily Change %	-0.29%
Today daily open	76.12

Trends
Daily SMA20	78.21
Daily SMA50	78.69
Daily SMA100	78.54
Daily SMA200	79.76

Levels
Previous Daily High	76.37
Previous Daily Low	75.78
Previous Weekly High	78.05
Previous Weekly Low	76.34
Previous Monthly High	80.75
Previous Monthly Low	78.11
Daily Fibonacci 38.2%	76.14
Daily Fibonacci 61.8%	76.01
Daily Pivot Point S1	75.81
Daily Pivot Point S2	75.5
Daily Pivot Point S3	75.22
Daily Pivot Point R1	76.4
Daily Pivot Point R2	76.68
Daily Pivot Point R3	76.99

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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