AUD/JPY Technical Analysis: 80.35/40 resistance questions buyers ahead of China data

Anil Panchal FXStreet

AUD/JPY is on the bids around 80.30 during the early Asian session on Wednesday. The pair aims to confront a downward sloping trend-line stretched since April 12 ahead of China releases its headline data concerning GDP, industrial production and retail sales.

Nearly a week-long resistance-line at 80.35/40 acts as immediate resistance for the pair to clear in order to challenge current month highs near 80.50, followed by 61.8% Fibonacci expansion (FE) level of April 10 to 16 moves, at 80.70.

Given the pair’s ability to rise beyond 80.70, 81.50 and mid-December 2018 top near 82.20 can please the Bulls.

Meanwhile, 80.00 and an ascending support-line from April 10, at 79.90, seem nearby supports to watch, a break of which can fetch prices to another trend-line support, at 79.50.

Moreover, increased downside pressure past-79.50 can push bears to target 79.00, 78.70 and 78.50 during further declines.

AUD/JPY hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	80.34
Today Daily Change	-2 pips
Today Daily Change %	-0.02
Today daily open	80.36

Trends
Daily SMA20	79.13
Daily SMA50	78.93
Daily SMA100	79.13
Daily SMA200	80.21

Levels
Previous Daily High	80.4
Previous Daily Low	79.89
Previous Weekly High	80.49
Previous Weekly Low	78.95
Previous Monthly High	79.66
Previous Monthly Low	77.54
Daily Fibonacci 38.2%	80.08
Daily Fibonacci 61.8%	80.21
Daily Pivot Point S1	80.03
Daily Pivot Point S2	79.71
Daily Pivot Point S3	79.52
Daily Pivot Point R1	80.54
Daily Pivot Point R2	80.73
Daily Pivot Point R3	81.05

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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