50% Fibo. guards near-term upside

  


  • Frequent failure to cross 50% Fibonacci retracement portrays the AUD/JPY pair’s weakness.
  • 200-HMA, 7-day old trend-line act as nearby supports.

Despite a week-long ascending trend-line portraying the AUD/JPY pair’s gradual recovery, 50% Fibonacci retracement level continues to act as a near-term strong resistance considering the quote’s latest decline to 74.60 during early Tuesday.

While 200-hour moving average (200-HMA) level of 74.56 seems adjacent support, pair’s further declines will be capped by 23.6% Fibonacci retracement and aforementioned trend-line around 74.35/30.

If sellers manage to drag the pair below 74.30, 74.00 and latest low surrounding 73.92 could flash on their radars.

On the flip side, the successful break of 50% Fibonacci retracement of 74.80 can trigger the pair’s move up towards 61.8% Fibonacci retracement level near 75.00.

Additionally, pair’s sustained rise above 75.00 enables buyers to aim for 75.40 and recent tops near 75.70.

AUD/JPY hourly chart

Trend: Bearish

 



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