AUD/JPY Price Analysis: Inside weekly falling channel below 200-hour SMA

AUD/JPY fails to hold on to recovery gains while declining to 75.20 during the early Thursday morning in Asia. The pair portrays a bearish channel for  |  22/01/2020 22:37
  • AUD/JPY remains under pressure since last Thursday.
  • 61.8% of Fibonacci retracement can question bears below the channel’s downside break.
  • The bulls can target the monthly top on the break of 200-hour SMA.

AUD/JPY fails to hold on to recovery gains while declining to 75.20 during the early Thursday morning in Asia. The pair portrays a bearish channel formation below 200-hour SMA on the charts.

As a result, the quote’s lower grind to 50% Fibonacci retracement of the pair’s January 08-16 upside, at 75.00, becomes imminent. However, the channel’s support-line near 74.89 could restrict further downside of the pair.

In a case where the sellers defy channel formation, 61.8% Fibonacci retracement level surrounding 74.70 can challenge the bears ahead of pleasing them with 74.40 and 74.00 numbers to the south.

Meanwhile, an upside clearance of the channel’s resistance line, at 75.33 now, can push the AUD/JPY prices towards a 200-hour SMA level of 75.75.

Also, a sustained run-up beyond 75.75 enables the bulls to target highs marked on January 16 and 01, around 76.25 and 76.35 respectively, during the extended rise.

AUD/JPY hourly chart

Trend: Bearish

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for Market Insight viewers

Back

Login to Market Insight Account

Your Market Insight account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

Create a Market Insight's Account

Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to Market Insight family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@marketinsight.com