AUD/JPY technical analysis: Buyers can benefit from 75.00/74.98 area amid oversold RSI

AUD/JPY buyers can enter around mid-June top, 75.00 round-figure considering oversold RSI conditions.
4H 200MA, short-term falling trend-line seem nearby key resistances.

Anil Panchal FXStreet

Having dropped to the lowest levels in a month, the AUD/JPY pair recovers to 75.10 during the early Asian session on Monday.

Oversold conditions of 14-bar relative strength index (RSI) played their role in triggering the quote’s bounce from 75.00 – 74.98 region, comprising mid-June high and the round-figure.

However, 200-bar moving average on the 4-hour chart (4H 200MA), at 75.33, followed by a 4-day long descending trend-line near 75.41 can still challenge the pair’s pullback, if not then last-week high surrounding 75.60 can come back on the chart.

Meanwhile, pair’s dip beneath 74.98 can fetch it to 61.8% Fibonacci retracement of June month upside, at 74.82, whereas 74.30 and early-June low close to 74.13 can please sellers then after.

AUD/JPY 4-hour chart

Trend: Pullback expected

1. R3 76.03
2. R2 75.81
3. R1 75.46
PP 75.24
1. S1 74.89
2. S2 74.67
3. S3 74.32

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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