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- AUD/JPY Price Analysis: Remains pressured towards 82.30 support confluence
AUD/JPY Price Analysis: Remains pressured towards 82.30 support confluence
- AUD/JPY remains on the back foot around intraday low after downbeat start to the week.
- Convergence of 200-SMA, 50% Fibonacci retracement appears tough nut to crack for bears.
- Risk-aversion, failures to cross two-month-old resistance line favor sellers.
AUD/JPY licks its wounds near 82.95 during Monday’s Asian session, down 0.70% intraday after portraying a 40-pip gap-down to begin the week’s trading.
While sour sentiment weighs on the latest AUD/JPY prices, the cross-currency pair’s failures to surpass a downward sloping resistance line from early January joins receding bullish bias of the MACD to keep sellers hopeful.
That said, the 61.8% Fibonacci retracement (Fibo.) of January’s downside, near 82.80, challenges the immediate downside of the AUD/JPY prices.
Following that, a joint between the 200-SMA and 50% Fibo., around 82.30, will precede the short-term rising trend line from February 04, near 82.10, to challenge the pair’s further weakness.
On the flip side, the 83.00 threshold and the recent swing high near 83.60 limit the quote’s short-term recovery.
However, AUD/JPY bulls remain worried until the quote rises past an eight-week-long resistance line, around 83.80 by the press time.
AUD/JPY: Four-hour chart
Trend: Further weakness expected
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