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8 Jan 2020

AUD/JPY Technical Analysis: Below three-month-old rising trendline amid bearish MACD

  • AUD/JPY trades near four-week low after breaking multi-month-old support line and 200-day SMA.
  • 100-day SMA gains sellers' attention ahead of mid-November bottom.
  • Buyers will refrain from entry unless prices stay strong beyond 200-day SMA.

AUD/JPY remains on the back foot around the monthly low while trading around 74.50 amid the early Asian session on Wednesday. That said, the pair dropped below 200-day SMA and an upward sloping trend line since October 10 during the previous day while taking a U-turn from 75.28.

Considering the break of the near-term key support line and failure to stay above 200-day SMA, not to forget bearish signals from 12-bar MACD, AUD/JPY prices are likely to extend their recent fall.

In doing so, a 100-day SMA level of 73.96 will be the first on the sellers’ radar, a break of which could drag the quote further south to November 14 low of 73.35.

Meanwhile, buyers will wait for a sustained trading past-200-day SMA level of 74.91, with the support-turned-resistance line at 74.73 acting as an immediate upside barrier.

It’s worth mentioning that early-December highs and the year-end lows together signal 76.00 as the key resistance during the pair’s rise above 74.91.

AUD/JPY daily chart

Trend: Bearish

 

Jan 8, 2020

USD/JPY Price Analysis: Greenback rolling into Asia near 108.45 resistance

USD/JPY is reversing up from the 108.00 handle and the 100-day simple moving average (SMA). The market is trading below the 50 and 200-day simple moving avera
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The UK Express shared details of what could be expected from Wednesday’s meeting of the UK PM Boris Johnson and the European Union (EC) President.
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