AUD/JPY Price Analysis: Seesaws around 100-HMA inside weekly rising wedge

• AUD/JPY bulls take a breather after two-day uptrend inside bearish chart pattern.
• MACD line teases bear cross, 200-HMA adds to the downside filters.
• Buyers need validation from 83.00 to keep reins.

AUD/JPY picks up bids to refresh weekly top around 82.70 during Wednesday’s Asian session.

Even so, the cross-currency pair seesaws around the 100-HMA while staying inside a rising wedge bearish chart formation established since Monday.

In addition to the rising wedge and lack of movement around the short-term key moving average, the receding bullish bias of MACD also teases the sellers. That said, the MACD line is crossing the signal line from upside, which in turn suggests the pair’s weakness.

During the quote’s downside, the 200-HMA level of 82.40 may offer an intermediate halt to AUD/JPY sellers before directing them to the stated wedge’s support line, near 82.25.

It’s worth mentioning, however, that the pair’s weakness past 82.25 will make it vulnerable to challenge the monthly low near 81.30.

Meanwhile, recovery moves need to cross the bearish chart pattern’s upper line, around 82.90, to lure AUD/JPY buyers.

Following that, the 83.00 threshold and February 11 swing high near 83.25 should return to the charts ahead of highlighting the monthly peak near 84.00 for the bulls.

AUD/JPY: Hourly chart

Trend: Pullback expected