OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/JPY Price Analysis: Heavy below multi-month-old support trendline, 100-day SMA

  • AUD/JPY sellers catch a breath after breaking key supports (now resistances).
  • 50% Fibonacci retracement, 73.00 can act as nearby supports.
  • November 2019 top will challenge buyers beyond 23.6% Fibonacci retracement.

AUD/JPY stays under pressure, mostly quiet off-late, while taking rounds to 73.62 during early Tuesday morning in Asia. The pair slipped to the monthly low after breaking 100-day SMA and an upward sloping trend line since September 02 the previous day.

With this, sellers now take aim at 50% Fibonacci retracement of its August-December 2019 upside, at 73.44, as immediate support. However, multiple stops around 73.00, marked since late-September, could question the pair’s further declines.

In a case where AUD/JPY prices remain weak below 73.00, 61.8% Fibonacci retracement and October 2019 low can please the bears around 72.70 and 71.74 respectively.

Meanwhile, an upside clearance of the confluence of support-turned-resistance and 38.2% Fibonacci retracement, surrounding 71.18/20, will confront a 100-day SMA level of 71.40.

During the pair’s additional rise past-71.40, 23.6% Fibonacci retracement near 75.10 and November 2019 top close to 75.70 will be the bull’s favorites.

AUD/JPY daily chart

Trend: Bearish

 

AUD/USD bears rest around three-month bottom to 0.6760 amid broad risk-off

AUD/USD remains in the 11-pip range between 0.6763 and 0.6752, currently declining to 0.6760, by the press time of early Asian session on Tuesday.
Read more Previous

Just when things were looking up - ANZ

analysts at ANZ explained that they will be releasing our latest Quarterly Economic Outlook later this morning, but the forecasts could be out of date
Read more Next
Start livechat