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AUD/JPY Price Analysis: Sellers remain dominant below support-turned-resistance

  • AUD/JPY stays under pressure despite bouncing off the multi-year low.
  • Bearish MACD, failures to cross short-term support-turned-resistance keep sellers hopeful.
  • Buyers may add 10-day SMA as an additional filter before entry.

Despite bouncing off the fresh 11-year low marked on Monday, AUD/JPY remains on the back foot around 67.40 amid the early Tuesday morning in Asia.

Given the pair’s latest pullback fails to cross short-term resistance (previous support), around 68.35 now, sellers are likely to aim for 67.00 during further declines.

In a case where the quote fails to take a U-turn from 67.00, 66.55/50, and 65.50/45 may entertain the bear ahead of diverting them to the previous day’s low near 64.35.

On the upside, a sustained break of 68.35 resistance line isn’t going to call the buyers back as a 10-day SMA level of 70.25 acts as the additional filter to restore the confidence.

During the pair’s run-up past-70.25, 71.50 and January-end low near 72.45 can please the bulls.

AUD/JPY daily chart

Trend: Bearish

 

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