OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/JPY Price Analysis: Drops further below 61.8% Fibonacci, MACD turns bearish

  • AUD/JPY marks 1.0% loss, fail to carry the earlier pullback moves from the multi-year low.
  • The pair’s U-turn from the key Fibonacci retracement, bearish MACD favor sellers.
  • 200-hour EMA adds to the resistance.

While extending its pullback moves from 61.8% Fibonacci retracement of March10-19 declines, AUD/JPY drops to 63.00, down 1.0%, by the press time of Friday’s Asian session. Also favoring the sellers is the MACD histogram that is teasing bears.

That said, a horizontal line around 62.80 is likely immediate support for the pair ahead of its further downside towards 23.6% Fibonacci retracement level around 62.00.

During the pair’s further weakness past-62.00, the recently flashed multi-year low of 59.90 will gain the bears’ attention.

On the upside, 64.00 can act as the nearby resistance, a break of which could propel the quote to the confluence of 61.8% Fibonacci retracement and 200-hour EMA, around 65.50/55.

In a case where the bulls manage to cross 65.55, 67.00 could become their favorite.

AUD/JPY hourly chart

Trend: Bearish

 

AUD/USD falls 1% in early Asia

AUD/USD has been sliding in early Asia and has broken to test below the 0.57 handle, travelling from a high of 0.57.44 to a low of 0.5674. The Reserve
Read more Previous

US Treasury Secretary Mnuchin: Goal is to get bill passed and signed by Trump on Monday

US Treasury Secretary Mnuchin has stated that the goal is to get the bill passed and signed by Trump on Monday. -has spoken with Pelosi, Schumer, McCo
Read more Next
Start livechat