AUD/JPY Price Analysis: Battles two-week-old resistance line below 76.00
- AUD/JPY attacks Friday’s top while extending Monday’s pullback from 75.10.
- Overbought RSI also challenges the bulls targeting 61.8% Fibonacci retracement.
- A confluence comprising 200-HMA, weekly support line restricts near-term downside.
AUD/JPY prints 0.30% gains while taking the bids near 75.90 during early Wednesday. The quote currently trades near Friday’s top while struggling to clear a downward sloping trend line from July 23.
Other than the immediate resistance line, near 75.95, overbought RSI also raises the upside barriers for pair, a break of which could escalate its recent rise towards 61.8% Fibonacci retracement level of 76.10.
During the pair’s sustained rise past-76.10, 76.30 and 76.45 may offer intermediate resistances before fueling it towards the 77.00 threshold.
Meanwhile, 75.80 and 75.50 may act as immediate supports should the RSI conditions grab sellers’ attention. Though, 200-HMA and an ascending trend line from July 30, close to 75.35, will be a tough nut to crack for the bears.
AUD/JPY hourly chart
Trend: Pullback expected