AUD/JPY technical analysis: Choppy inside 3-day long symmetrical triangle

  • 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.

On the upside, 38.2% Fibonacci retracement and formation resistance can keep prices in check near 72.32, a break of which can please buyers with 50% Fibonacci retracement level of 72.81.

AUD/JPY hourly chart

Trend: Sideways

    1. R3 73.63 
    2. R2 73.12 
    3. R1 72.28 
  1. PP 71.77
    1. S1  70.93
    2. S2  70.42
    3. S3  69.58


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