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AUD/JPY Price Analysis: Struggles to justify rising wedge break below 71.00

  • AUD/JPY seesaws in a choppy range between 70.55 and 70.75 after confirming the bearish chart pattern.
  • A sustained break of immediate support line highlights 200-HMA.
  • Bulls can target March high beyond 71.15.

AUD/JPY takes rounds to 70.70/65 amid the initial Asian session on Friday. That said, the pair confirmed a bearish technical formation by slipping below 70.70. However, an immediate ascending support line seems to restrict the pair’s latest fall.

Also Read: Fitch revises Australia's outlook to negative, affirms rating at 'AAA'

As a result, sellers await the downside break of 70.55 support to extend the fall towards a 200-HMA level of 69.77. Though, 70.00 may offer an intermediate halt during the declines.

It should also be noted that May 15 high near 69.54 may check bears below 200-HMA.

Alternatively, an upside break beyond 70.70 can trigger the pair’s fresh recovery moves toward a three-day-old rising trend line, at 71.15 now.

In a case where the bulls manage to conquer 71.15, March month high around 71.50/55 will be on their radars.

AUD/JPY hourly chart

Trend: Further selling expected

 

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