- AUD / JPY fell 0.30% after a refreshing 11-week high the day before.
- Monthly horizontal support can probe short-term sellers.
- The highest in March will attract bulls on another hike.
While taking a multi-day resistance line reversal, the AUD / JPY drops to 70.64, down 0.42% on a day early Thursday.
Given the almost overbought RSI conditions, coupled with past withdrawals from the key resistance line, the pair is expected to visit monthly horizontal support around 70.20 / 15 during the fall.
However, an upward trend line from April 2, at 69.00, followed by an SMA level at 200 bar of 68.83, will test the bears thereafter.
Meanwhile, the pair’s sustained trading above the resistance line, at 71.06 now, may be targeting the March high at 71.52.
AUD / JPY four-hour chart
Trend: expected decline