- AUD / JPY maintains the strong recovery of the previous day at 68.65, near the week-long peak.
- A horizontal line made up of vertices since April 30 checks buyers.
- The 200 bar SMA offers strong downside support in a bullish MACD.
AUD / JPY hovers around 70.00, near the highest since May 12, during Tuesday’s first Asian session. In doing so, the pair remains firm above 200 bar SMA but still below the 13-day resistance, including the highs marked in April and so far in the current month.
As a result, buyers will wait for entries above 70.20 to target a round figure of 71.00 and a March peak of 71.52.
However, a month of January close to 72.45 could question the bulls during the new increase.
Meanwhile, Friday’s peak near 69.54 may offer immediate support for the pair as it retreats before Thursday’s trough near 68.55.
If the pair drops below 68.55, the 200 bar SMA level of 68.50 will be the key to watch, as a break can refresh the monthly dip below the figures of 67.63 previously posted.
AUD / JPY four-hour chart