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
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.
