AUD/JPY Price Analysis: Battles two-week-old falling channel resistance above 76.00

AUD/JPY eases from a one-week high to 76.14 amid the initial Asian session on Tuesday. Even so, the pair stays near the resistance line of a falling t  |  23/11/2020 22:53
  • AUD/JPY wobbles near one-week high while trying to overcome the bearish chart pattern.
  • Strong RSI conditions favor the bulls, key SMAs add to the downside filters.

AUD/JPY eases from a one-week high to 76.14 amid the initial Asian session on Tuesday. Even so, the pair stays near the resistance line of a falling trend channel established since November 11 amid strong RSI.

That said, buyers await a clear break of 76.25 to enter fresh long positions targeting the November 16 high near 76.80 and the monthly peak of 77.10.

Though, any further upside past-77.10 needs to overcome September 10 top surrounding 77.70 before probing the yearly high near 78.50.

Meanwhile, a 100-bar SMA level of 75.67 can offer immediate support during the quote’s downside past-76.00 round-figure. It should, however, be noted that the 200-bar SMA and support line of the stated channel, around 75.25/20, will challenge the AUD/JPY bears afterward.

If at all the downside momentum extends below 75.20, the 75.00 threshold can act as a buffer before directing the AUD/JPY sellers to the November 04 low close to 74.10.

AUD/JPY four-hour chart

Trend: Further upside expected

 

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