June 3, 2023

Impending bear cross tests bulls above $83.00

  • AUD/JPY retreats from six-week high, recently pressured around intraday low.
  • Bullish MACD signals keep buyers hopeful but RSI line, two-month-old horizontal resistance challenge further upside.

AUD/JPY eases after refreshing multi-day top, down 0.10% intraday around 83.55 during early Monday morning in Europe.

In doing so, the cross-currency pair stays above 61.8% Fibonacci retracement (Fibo.) of October-December declines but teases a bearish moving average cross-over by the press time.

However, the bullish MACD signals suggest the quote’s further upside towards a horizontal area comprising multiple levels marked since November 04, around 84.20.

While the RSI conditions suggest a pullback from the stated resistance, failures to do so will need to pierce the 84.70 hurdle before challenging the October 26 peak of 86.25.

Meanwhile, a clear downside break of the stated key Fibo. level surrounding 83.40 will aim for the mid-December swing high near 82.40.

During the quote’s weakness past 82.40, the 50-DMA will easily be seen dropping below the 200-DMA, suggesting a bearish cross and signaling further weakness of AUD/JPY prices.

As a result, an upward sloping trend line from December 03, near 81.55, will be crucial to watch for AUD/JPY sellers.

AUD/JPY: Daily chart

Trend: Pullback expected


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