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- AUD/JPY Price Analysis: Stays defensive above 85.00
AUD/JPY Price Analysis: Stays defensive above 85.00
- AUD/JPY fades rebound from 50-SMA, stays inside short-term ascending triangle.
- MACD teases bulls, monthly support line adds to the downside filters.
AUD/JPY retreats towards 85.00, down 0.05% intraday around 85.15 during Tuesday’s Asian session.
In doing so, the cross-currency pair fails to keep the last week’s recovery moves from 50-SMA. However, a two-week-old rising trend line, forming part of a short-term triangle, joins the stated short-term moving average and MACD conditions to keep buyers hopeful.
Hence, the latest pullback moves may aim to rest 50-SMA level of 85.00 while the stated triangle’s support line will also challenge the AUD/JPY bears around 84.85.
Should the quote drops below 84.85, it confirms the bearish chart pattern and signals downside towards the 84.00 round figure and monthly support line near 83.30.
On the contrary, an upside clearance of 85.55 horizontal hurdle will direct AUD/JPY prices toward the latest peak near 86.25.
In a case where the pair buyers keep reins past 86.25, March 2016 peak surrounding 86.70 and the 87.00 round figure will be in focus.
AUD/JPY: Four-hour chart
Trend: Bullish
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