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AUD/JPY technical analysis: Better bid, but breakout still elusive

  • AUD/JPY is flashing green on US-China trade optimism. 
  • A close above 72.73 is needed to confirm a bullish breakout. 

AUD/JPY is currently trading at 72.56, representing 0.40% gains on the day.

The currency pair picked up a bid near 72.00 after the news of a potential US-China currency pact hit the wires via Bloomberg, boosting demand for the risky assets like the AUD.

Even so, the pair failed to find acceptance above resistance at 72.73 – the upper edge of a falling channel represented by trendlines connecting Sept. 13 and Oct. 1 highs and Sept. 20 and Oct. 2 lows.

A close above 72.73 would confirm a bullish breakout and imply a resumption of the rally from the August lows below 70.00 and open the doors for a retest of recent highs near 74.50.

The outlook would turn bearish if the pair drops below Oct. 2's low of 71.73.

Daily chart

Trend: Bullish above 72.73

Technical levels

AUD/JPY

Overview
Today last price72.56
Today Daily Change0.29
Today Daily Change %0.40
Today daily open72.27
 
Trends
Daily SMA2072.97
Daily SMA5072.47
Daily SMA10073.92
Daily SMA20076.18
 
Levels
Previous Daily High72.49
Previous Daily Low71.92
Previous Weekly High73.38
Previous Weekly Low71.73
Previous Monthly High74.5
Previous Monthly Low71.1
Daily Fibonacci 38.2%72.27
Daily Fibonacci 61.8%72.14
Daily Pivot Point S171.97
Daily Pivot Point S271.66
Daily Pivot Point S371.4
Daily Pivot Point R172.54
Daily Pivot Point R272.8
Daily Pivot Point R373.11

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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