AUD/JPY Technical Analysis: Choppy between 50/200-hour EMAs
- AUD/JPY pauses a two-day winning streak.
- Prices stay weak below 61.8% Fibonacci retracement.
- Break of 50-hour EMA will recall a 23.6% Fibonacci retracement level.
AUD/JPY traders modestly changed near 75.06 during Friday’s Asian session. The pair has been clubbed between 50 and 200-hour EMAs since late-Wednesday. However, a sustained trading below 61.8% Fibonacci retracement portrays the underlying weakness.
As a result, sellers will look for entry below 50-hour EMA level of 74.95 while targeting 23.6% Fibonacci retracement of the year-start top to Wednesday’s low, near 74.37.
In a case where prices keep declining below 74.37, the monthly low surrounding 73.75 and mid-November bottom around 73.35 will be on the Bears’ radar.
Meanwhile, an upside clearance of a 200-hour EMA level of 74.25 needs validation from 61.8% Fibonacci retracement level of 75.37 to target 76.00 and early-month high close to 76.40.
AUD/JPY hourly chart