Home Forex Technical Analysis AUD/JPY Technical Analysis: 79.90 confluence support can challenge… – Forex Crunch

AUD/JPY Technical Analysis: 79.90 confluence support can challenge… – Forex Crunch

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AUD/JPY is trading near 80.00 as Tokyo opens on Easter Monday.

Even if 14-bar relative strength index (RSI) shows bearish divergence on the 4-hour chart, a horizontal-line stretched since April 16 and a four-week-old ascending trend-line could challenge sellers around 79.90.

As a result, 80.10 and 80.20 are likely to come back on the chart ahead of highlighting 80.50 and a recent high near 80.75 for buyers.

In a case prices rally beyond 80.75, 61.8% Fibonacci expansion (FE) of its moves between April 10 to 18, near 81.00, and December 18 high near 81.20 might flash on the Bulls’ radar.

Alternatively, a downside break of 79.90 may drag the quote to a region surrounding 79.60 that includes multiple highs marked from April 05 to April 11.

During the pair’s additional declines under 79.60, 79.20, 79.00 and 61.8% Fibonacci retracement of March 25 to April 17 upside at 78.75 could be aimed if holding short positions.

AUD/JPY 4-Hour chart

Trend: Bullish

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