AUD/JPY technical analysis: Struggles between 50-day EMA and 73.30/20 support-confluence

AUD/JPY confronts 50-day EMA following a bounce off 21-day EMA, previous resistance-line.
100-day EMA adds to the resistance with 23.6% Fibonacci retracement occupying the other extreme.

Anil Panchal FXStreet

Despite bouncing off short-term key support-confluence, AUD/JPY struggles to clear immediate exponential moving average (EMA) as it makes the rounds to 73.40 during early Friday in Asia.

The quote recently took a U-turn from 73.30/20 support-confluence including 21-day EMA and a five-month-old falling support-line (previous resistance). However, 50-day EMA near 73.50 seems to restrict immediate upside.

Should prices rise above 73.50, 38.2% Fibonacci retracement of April-August decline near 74.10 and 100-day EMA level of 74.50 could question buyers targeting 50% Fibonacci retracement around 75.40.

Alternatively, pair’s drop below 73.20 can revisit 72.50 rest-point comprising 23.6% Fibonacci retracement whereas 71.80 and multiple supports around 71.10/71.00 could entertain bears afterward.

AUD/JPY daily chart

Trend: sideways

1. R3 74.68
2. R2 74.48
3. R1 74.26
PP 74.06
1. S1 73.84
2. S2 73.63
3. S3 73.42

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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