AUD/JPY Technical Analysis: All eyes on resistance-turned-support amid overbought RSI

AUD/JPY seesaws around the multi-month top, prices recently completed five consecutive positive weeks.
A three-week-old rising support line could challenge sellers during the pullback.

Anil Panchal FXStreet

AUD/JPY trades around 76.45 amid Monday’s Asian session. The quote is little changed from Friday’s conditions where it lacked the courage to extend the run-up beyond May’s high. The same could be traced from overbought conditions of the 14-bar Relative Strength Index (RSI).

As a result, sellers look for entry below the resistance-turned-support line stretched since early November, at 76.10 now. That said, a short-term ascending trend line near 75.50 could then question the bears.

If prices slip beneath 75.50, December 18 low near 74.80 and the monthly bottom surrounding 73.80 will be on the Bears’ radar.

Meanwhile, the latest high around 76.60 holds the key to pair’s further advances targeting February-March lows close n the vicinity of 77.54/44.

AUD/JPY four-hour chart

Trend: Pullback expected

additional important levels

Overview
Today last price	76.44
Today Daily Change	0.05
Today Daily Change %	0.07%
Today daily open	76.39

Trends
Daily SMA20	75.08
Daily SMA50	74.66
Daily SMA100	73.67
Daily SMA200	75.04

Levels
Previous Daily High	76.58
Previous Daily Low	76.02
Previous Weekly High	77.45
Previous Weekly Low	75.2
Previous Monthly High	75.68
Previous Monthly Low	73.35
Daily Fibonacci 38.2%	76.36
Daily Fibonacci 61.8%	76.23
Daily Pivot Point S1	76.08
Daily Pivot Point S2	75.76
Daily Pivot Point S3	75.51
Daily Pivot Point R1	76.64
Daily Pivot Point R2	76.89
Daily Pivot Point R3	77.21

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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