AUD/JPY Technical Analysis: Descending triangle limits the upside around 79.20 ahead of RBA minutes

Anil Panchal FXStreet

AUD/JPY daily chart

AUD/JPY trades little changed around 78.85 before the RBA minutes’ release on early Tuesday.
The pair follows a short-term descending triangle formation on the daily chart with 79.20 being immediate resistance to observe.
Should the pair cross 79.20 hurdle, it can rise to an early month high around 79.85 whereas 100-day simple moving average (SMA) of 79.95 and the 80.00 may entertain buyers afterward.
During the pair’s successful advance above 80.00, the 200-day SMA level of 80.95 can appear on bull’s radar.
Alternatively, 78.00 seem nearby support for the pair ahead of highlighting the 77.55-50 support-zone.
In case the quote slips under 77.50, 77.00 and 76.00 may gain sellers’ attention.

AUD/JPY 4-Hour chart

An upward sloping trend-line connecting recent lows offer nearby support to the pair around 78.30 on H4, a break of which can drag it to 78.00.
On the upside, 79.20 holds the gate for its rise to 79.85 whereas 61.8% Fibonacci expansion (FE) may please the optimists then after.

AUD/JPY hourly chart

50% Fibonacci retracement of Feb 05-08 downturn, at 78.60, becomes adjacent support on H1 prior to fetching the quote to 78.30 support-line.
An upside clearance of 79.20 may avail 79.50 as a halt before aiming for 79.70 and 79.85 numbers to the north.

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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