AUD/JPY technical analysis: Firm above 50-day EMA, inside symmetrical triangle


  • AUD/JPY struggles between 50-day EMA and a three-month-old falling trend line.
  • RSI signals no surprises together with the triangle formation that favors the continuation of the existing trend.

Despite bouncing off 50-day Exponential Moving Average (EMA), the AUD/JPY pair stays inside a multi-month old symmetrical triangle while taking rounds to 73.45 during Thursday morning in Asia.

With the 14-bar Relative Strength Index (RSI) signaling no major surprises ahead, price momentum above short-term key EMA needs a sustained break above the pattern’s resistance line, at 73.55 now, in order to accelerate the latest recovery.

In doing so, September month high of 74.50 and 50% Fibonacci retracement level of April-August downpour, at 75.40, could please buyers.

Alternatively, pair’s daily closing below 50-day EMA level of 73.10 can test 23.6% Fibonacci retracement level of 72.53 ahead of visiting pattern’s support line figure of 72.14.

If at all sellers sneak in around 72.10, also clear 72.00 round-figure, 70.80 and 70.00 will flash on their radars.

AUD/JPY daily chart

Trend: sideways

    1. R3 74.38
    2. R2 74.03
    3. R1 73.77
  1. PP 73.42
    1. S1 73.16
    2. S2 72.81
    3. S3 72.55

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD: Bullish breakout faces next challenge at 1.1150

The EUR/USD pair closed the week at around 1.1100, its highest settlement in two months, as poor US data coupled with a relief rally of high-yielding assets ahead of the close. Several European countries will start the week celebrating a holiday.

EUR/USD News

GBP/USD: Post-Brexit relationship taking centre stage

The GBP/USD pair hit 1.2393 on Friday, a two week high, retreating sharply from the level ahead of Trump’s speech to later recover on relief and settle at 1.2345. Cable is technically neutral, although the bullish potential seems limited.

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures