AUD/JPY Price Analysis: Wavers inside immediate triangle below 200-HMA

  • AUD/JPY keeps bounces off 75.82 to attack 76.00 after snapping four-day losing streak.
  • A three-day-old symmetrical triangle restricts immediate moves amid bearish MACD.
  • 200-HMA adds to the upside barriers, sellers may target monthly low on downside break of the triangle.

AUD/JPY takes rounds to 75.90 amid the early Tuesday morning in Asia. The pair flashed the first positive daily closing in the last five on Monday. Even so, the quote remains inside a short-term triangle formation established since August 20.

As a result, the traders are waiting for clear breaks of the current trading range between 75.70 and 76.15. Though, bearish MACD and the AUD/JPY price weakness below 200-HMA favor the sellers.

Hence, the pair’s downside past-75.70 will attack the monthly low surrounding 75.10 whereas July 30 low near 74.80 and the previous month’s bottom close to 74.00 can lure the bears afterward.

On the upside, 200-HMA near 76.30 becomes an extra hurdle beyond the triangle’s resistance line of 76.15.

If at all the bulls manage to cross 76.15, August 19 top surrounding 76.70 and July month’s peak around 76.90 will question the run-up to 77.00.

AUD/JPY hourly chart

Trend: Sideways

 

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