AUD/JPY technical analysis: Multiple resistance-lines to limit latest recovery

Near-term trend-line resistances question recent pullback.
The limited gap on the downside before meeting the year 2016 and early January lows.

Anil Panchal FXStreet

Even if AUD/JPY’s recent short-covering moves from 74.77 presently propels it towards 75.00, near-term descending trend-lines are on the spotlight during early Friday.

Not only a downward sloping resistance-line from late-Tuesday but resistance-line connecting highs since early-week is also likely to challenge the pair’s latest recovery around 75.04 and 75.18 respectively.

Given the prices manage to clear 75.18 resistance, 200-hour moving average (HMA) near 75.46 and current week top near 75.68/70 can please the buyers.

It should also be noted that 74.77 holds the immediate downside confined, a break of which highlights July 2016 low near 74.55 and the year 2016 bottom close to 72.45.

Additionally, pair’s extended south-run below 72.45 can shift market focus to January month flash crash low around 70.90.

AUD/JPY hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	74.95
Today Daily Change	-23 pips
Today Daily Change %	-0.31%
Today daily open	75.18

Trends
Daily SMA20	75.65
Daily SMA50	77.42
Daily SMA100	78.09
Daily SMA200	79.21

Levels
Previous Daily High	75.62
Previous Daily Low	75.14
Previous Weekly High	75.91
Previous Weekly Low	74.96
Previous Monthly High	78.72
Previous Monthly Low	75.08
Daily Fibonacci 38.2%	75.32
Daily Fibonacci 61.8%	75.44
Daily Pivot Point S1	75.01
Daily Pivot Point S2	74.83
Daily Pivot Point S3	74.53
Daily Pivot Point R1	75.49
Daily Pivot Point R2	75.79
Daily Pivot Point R3	75.97

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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