AUD/JPY Technical Analysis: Sellers struggle with 7-week old supportline to aim for 77.10
- AUD/JPY trades near 77.80 during early Monday.
- The quote presently struggles with the seven-week-old ascending supportline ranging from February 08 and requires a dip beneath recent low of 77.70 in order to validate the downside targeting January 10 bottom near 77.10.
- However, February month low around 77.50 can offer intermediate halt whereas 77.00 mark could please sellers past-77.10.
- Additionally, 76.00 and 75.30 are likely following numbers to appear on the chart if sellers keep dominating trade sentiment under 77.10.
- It should also be noted that the 14-bar relative strength index (RSI) is in the negative territory and signals pullback.
- Alternatively, 78.40 can limit immediate upside ahead of highlighting 200-bar simple moving average (SMA) at 78.85.
- During the pair’s additional rise past-78.85, 79.00 and a downward sloping trendline stretched since February 21, at 79.30, become important to watch.
- Moreover, the pair’s sustained break of 79.30 enables it to target 79.60 and 80.00 during further upside.

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.


















