Bulls Watch 38.2% Fibonacci Retracement Near 84.15
- AUD / JPY remains moderate in the Asian session.
- Cross is looking for support near daily lows at 84.54.
- Momentum Oscillator warning for directional bet awaits confirmation.
AUD / JPY gave up some of its gains after hitting a multi-year high of 85.82, after rising from a low of 82.28 since March 24. .
At the time of writing, the AUD / JPY is trading at 84.61, up 0.02% on the day.
AUD / JPY daily chart
On the daily chart, the cross is building up near yesterday’s close at 84.60. The formation of the Doji candlestick points to undecided market players at this point. If price follows the weekly downward momentum then the first support zone could be yesterday’s low at 84.29.
The declining moving average (MACD) convergence divergence indicator then looks for the horizontal support level of 84.00.
The next resistance zone would be the April 26 low at 83.50.
Alternatively, if the price reverses, then it could retest yesterday’s high at 84.90 followed by Wednesday’s high at 85.26.
Price action would mark a continuation of the initial uptrend reaching the horizontal resistance level of 85.50.