AUD/JPY technical analysis: Buyers respect 4H 200MA, aim for 12-day long resistance-line

Repeated bounces off 4H 200MA, gradually rising RSI favor the AUD/JPY pair’s further upside towards short-term resistance-line.
A break of key MA can quickly flash 61.8% Fibonacci retracement on the chart.

Anil Panchal FXStreet

With its sustained trading beyond 200-bar moving average on the 4-hour chart (4H 200MA), backed by momentum indicator, the AUD/JPY pair takes the rounds to 75.66 during the early Asian session on Friday.

A 12-day long descending trend-line at 75.76 acts as an immediate resistance to the pair ahead of highlighting 75.91/93 area comprising multiple tops since early-month.

In a case prices rally past-75.93, 76.00 and June-end high near 76.30 can please the bulls.

Meanwhile, a downside break of 4H 200MA level of 75.26 can quickly drag prices to 61.8% Fibonacci retracement of late-June advances, at 74.82.

Should there be additional declines beneath 74.82, June 20 bottoms surrounding 74.15 can gain sellers’ attention.

Further to note, 14-bar relative strength index (RSI), a momentum indicator, runs positive and away from the overbought region to favor further upside of the pair.

AUD/JPY 4-hour chart

Trend: Bullish

1. R3 75.95
2. R2 75.79
3. R1 75.61
PP 75.45
1. S1 75.28
2. S2 75.12
3. S3 74.95

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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