AUD/JPY technical analysis: Break of nearby trend-line can validate upside to 76.35/40

Break of month-long trend-line portrays pair’s strength but another resistance-line question the upside momentum.
Pair’s repeated failures to slip beneath 75.30 also favor buyers.

Anil Panchal FXStreet

In spite of breaking four-week-old trend-line resistance, the AUD/JPY pair needs to justify the strength of upside momentum by clearing a week-long resistance-line. The quote presently trades near 75.80 during early Monday.

Should prices clear 75.95 immediate trend-line barrier, 76.35/40 area comprising multiple technical levels since early-May could be on the buyers’ radar.

Additionally, pair’s sustained rise beyond 76.40 enables it to target 77.10 and May 07 top around 78.05.

In a case where sellers lurk around 75.95, 75.60 and 75.30 may come back on the chart.

Assuming extended downturn past-75.30, 75.00 and July 2016 low near 74.50 could become bears’ favorites.

AUD/JPY 4-Hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.83
Today Daily Change	11 pips
Today Daily Change %	0.15%
Today daily open	75.72

Trends
Daily SMA20	76.78
Daily SMA50	78.23
Daily SMA100	78.42
Daily SMA200	79.55

Levels
Previous Daily High	75.83
Previous Daily Low	75.37
Previous Weekly High	76.4
Previous Weekly Low	75.37
Previous Monthly High	80.75
Previous Monthly Low	78.11
Daily Fibonacci 38.2%	75.66
Daily Fibonacci 61.8%	75.55
Daily Pivot Point S1	75.45
Daily Pivot Point S2	75.18
Daily Pivot Point S3	74.98
Daily Pivot Point R1	75.91
Daily Pivot Point R2	76.1
Daily Pivot Point R3	76.38

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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