AUD/JPY Price Analysis: Sellers have a bumpy road beyond 83.80

AUD/JPY consolidates the heaviest losses in over a week.
Four-month-old support line, 50-day SMA tests short-term sellers inside rising wedge.
Descending trend line from May 11 guards immediate upside.
Momentum uptick, nearness to the key support probe bears.

Anil Panchal FXStreet

AUD/JPY refreshes intraday top with 84.53, up 0.10% around 84.48 while writing, as the quote consolidates the previous day’s losses during Thursday’s Asian session. The pair awaits key Aussie employment data for fresh impulse.

Read: Australian Employment Preview: End of JobKeeper wage subsidy impedes labor market recovery

However, the quote’s bounce off a multi-day-old support line near 84.30, not to forget the refrain from breaking the 50-day SMA level of 84.18, keep buyers hopeful.

Even if the quote breaks 84.18, the 84.00 threshold and lower line of a two-month-long rising wedge bearish formation near 83.80 raise bars for the AUD/JPY sellers’ entry.

Meanwhile, corrective pullback needs to cross a one-week-old resistance line near 85.00 before directing buyers toward the rising wedge’s resistance line close to 85.90.

Also acting as an upside barrier is the 86.00 round figure and early January 2018 low near 87.20.

AUD/JPY daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	84.47
Today Daily Change	0.07
Today Daily Change %	0.08%
Today daily open	84.4

Trends
Daily SMA20	84.57
Daily SMA50	84.19
Daily SMA100	82.73
Daily SMA200	79.56

Levels
Previous Daily High	84.96
Previous Daily Low	84.04
Previous Weekly High	85.8
Previous Weekly Low	84.29
Previous Monthly High	85.01
Previous Monthly Low	83.04
Daily Fibonacci 38.2%	84.39
Daily Fibonacci 61.8%	84.61
Daily Pivot Point S1	83.97
Daily Pivot Point S2	83.55
Daily Pivot Point S3	83.06
Daily Pivot Point R1	84.89
Daily Pivot Point R2	85.38
Daily Pivot Point R3	85.8

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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