- AUD/JPY picks up the bids after bouncing off 75.66.
- A six-week-old ascending trend line, 200-bar SMA and multiple supports from August 06 restrict immediate downside.
- A three-day-long resistance line lures the short-term buyers despite bearish MACD.
AUD/JPY stays on the front-foot while taking rounds to 75.85, up 0.13% on a day, during the pre-Tokyo open trading on Monday.
The pair recently recovered from the key support area comprising 200-bar SMA, a short-term horizontal rest-area and over a month-long rising trend line. However, an immediate falling trend line from August 19, around 76.00 now, is likely challenging the buyers amid bearish MACD.
If at all the bulls manage to cross 76.00, multiple resistances around 76.15 and 76.40/45 may offer a bumpy road towards July month’s high near 76.90, a break of which will highlight the 77.00 threshold.
Meanwhile, a downside break of 75.60 will be enough for the sellers to refresh the monthly low under 75.10. In doing so, July 30 bottom around 74.80 will be in the spotlight.
Though, 50% and 61.8% Fibonacci retracement of the July month upside, respectively near 75.40 and 75.10 can extra filters to the declines.
AUD/JPY four-hour chart
Trend: Pullback expected
