AUD/JPY Price Analysis: Flirts with 100-DMA resistance, Australian Employment eyed
15.12.2021, 23:14

AUD/JPY Price Analysis: Flirts with 100-DMA resistance, Australian Employment eyed

  • AUD/JPY seesaws around monthly top after rising the most in over a week.
  • Firmer Momentum line, sustained break of previous resistance lines keep buyers hopeful.
  • 200-DMA adds to the upside filters, 50% Fibonacci retracement level limits immediate declines.

AUD/JPY takes rounds to 81.75 following the break of a descending resistance line from early November, now support.

The cross-currency pair’s recently sidelined performance could be linked to traders’ wait for November’s Australia jobs report, as well as failures to cross the 100-DMA.

Read: Australian Employment Preview: Rebound from Delta lockdowns may not be enough for the aussie

It should be noted, however, that a successful break of the previous resistance lines from November and firmer Momentum line favor the AUD/JPY pair’s further upside.

Even so, November 19 swing low around 82.15 and the 200-DMA level of 82.75 challenge the pair buyers.

Also acting as an upside filter is the 61.8% Fibonacci retracement (Fibo.) of AUD/JPY downside from late October to December 03, at 83.40 by the press time.

Alternatively, a U-turn from the 100-DMA level near 81.80 will retest the resistance-turned-support lines around 81.15 and 80.80 before directing AUD/JPY sellers towards the 23.6% Fibonacci retracement level of 80.55.

In a case where AUD/JPY prices remain weak past 80.55, the 80.00 threshold and the monthly low near 78.80 will lure the pair sellers.

AUD/JPY: Daily chart

Trend: Further upside expected

 

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