- AUD/JPY keeps following a short-term symmetrical triangle formation.
- A one-week-old ascending trend-line adds to the support while 50% Fibonacci retracement standing on the other side.
With the three-day-old symmetrical triangle limiting the AUD/JPY pair’s short-term moves, the quote trades near 71.88 amid initial Friday morning in Asia.
The pair currently drops towards 23.6% Fibonacci retracement level of early-month south-run, at 71.72, ahead of visiting the pattern support at 71.52.
Given the pair’s slip beneath 71.52, an upward sloping trend-line since August 07, at 71.07, followed by latest low surrounding 70.70 can gain sellers’ attention.
AUD/JPY hourly chart
- R3 73.63
- R2 73.12
- R1 72.28
- PP 71.77
- S1 70.93
- S2 70.42
- S3 69.58
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