- AUD/JPY fails to stay strong beyond near-term key moving average.
- The five-week-old rising trend line is on sellers’ radar.
- Buyers will look for entry beyond a one-week-old falling resistance line.
Following its failure to stay strong above 200-bar SMA, AUD/JPY revisits the key moving average while taking rounds to 73.95 during the initial Asian session on Tuesday.
With this, an upward sloping trend line since mid-October, around 73.40/35, gains market attention whereas 61.8% Fibonacci retracement of October-November upside, at 73.24, could challenge sellers afterward.
If bears manage to conquer 73.24, 73.00 and 72.80 can provide intermediate halts during the downpour to early-October high surrounding 72.55.
Meanwhile, an upside clearance of the immediate falling trendline, at 74.28 now, can again divert traders’ attention off 200-bar Simple Moving Average (SMA), while highlighting November 07 low near 74.55.
In a case where prices manage to cross 74.55, 75.00, 75.30 and the monthly top close to 75.70 will lure buyers.
AUD/JPY 4-hour chart
Trend: Pullback expected