AUD/JPY technical analysis: Another run-up towards 21-DMA
|- The four-day-old support-line favor AUD/JPY to again confront 21-DMA.
- Downward sloping trend-lines from August 02 and 13 become additional upside barriers.
Sustained trading beyond four-day-old rising trend-line favors AUD/JPY to aim for 21-day simple moving average (DMA) as it makes the rounds to 71.70 during early Asian session on Friday.
Other than 21-DMA level of 71.83, a falling trend-line since August 13 at 71.91 and another one ranging from August 02 around 72.44 are extra upside barriers that the quote needs to conquer in order to justify its strength.
In a case where prices rally beyond 72.44, 50% Fibonacci retracement of July-August downpour, also including August 02 top, can question AUD/JPY buyers around 73.15/20.
Meanwhile, pair’s break of 71.46/45 support-zone comprising immediate rising trend-line and 23.6% Fibonacci retracement can please sellers with August 07 low surrounding 70.70 ahead of pushing them to 70.00/69.95 area including the monthly bottom.
AUD/JPY daily chart
Trend: pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.