AUD/JPY Price Analysis: Again bounces off 74.00 after RBA Lowe’s speech
- AUD/JPY registers multiple pullbacks from the key horizontal support.
- Bearish MACD, lower high signal further downside towards 200-hour SMA.
- 100/200-day SMAs guard the pair’s near-term upside.
AUD/JPY trades mildly positive to 74.05 by the press time of early Asian session on Friday. In doing so, the pair takes another U-turn from one-week-old horizontal support. The pair’s latest moves could be attributed to the RBA Governor Philip Lowe’s speech.
Read: Breaking: RBA's Lowe says economic growth to pick up to 2¾ percent this year and 3 percent over 2021
While the short-term support becomes the key, pair’s lower high formation from early Thursday and bearish MACD favor the sellers.
Hence, a downside break of 74.00 can fetch the quote to 38.2% Fibonacci retracement of the pair’s upside from February 02 to 06, at 73.63 now. Though, a 200-hour SMA level of 73.47 could restrict the quote’s further weakness.
In a case prices keep trading southwards below 200-hour SMA, 73.00 round-figure will be on the bears’ radars.
Alternatively, 100-day and 200-day SMAs limit the pair’s near-term upside around 74.35/40, a break of which could recall 75.00 on the charts.
AUD/JPY hourly chart
Trend: Pullback expected