- AUD/JPY seesaws around monthly low after breaking near-term key moving average.
- A three-week-old rising trend line restricts near-term upside.
Having slipped below 4H 100MA, AUD/JPY trades around the current month low, near 74.40, while heading into the European session on Wednesday.
38.2% Fibonacci retracement of October-November upside, at 74.17, acts as immediate support while 200-bar simple moving average on the four-hour chart (4H 200MA), near 73.80, can limit pair’s further declines.
In a case where bears refrain from respecting 73.80, mid-October lows surrounding 73.00 will be on their radars.
On the upside, the 100-bar simple moving average on the four-hour chart (4H 100MA) can question near-term buyers around 74.70 whereas 75.00 and 75.40 could entertain them afterward.
If prices keep rising past-75.40, an upward sloping trend-line since October 22, at 75.90 now, will be in the spotlight.
AUD/JPY 4-hour chart
Trend: Bearish
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