AUD/JPY recedes to 77.23 amid the early Monday morning in Asia. Even so, the aussie cross stays above 50% and 61.8% Fibonacci retracement of its August 20-31 upside while also keeping its strength above 200-bar SMA amid bullish MACD signals.
As a result, buyers may continue their efforts to conquer a two-week-old horizontal resistance around 77.55 that holds the key for the fresh run-up.
Should the pair manage to clear 77.55, 78.00 and the August month’s top surrounding 78.46 will be on the bulls’ radars while the late-April 2019 top near 79.00 will be in the spotlight afterward.
Meanwhile, a downside break of the key Fibonacci retracements, respectively around 77.00 and 76.70, will need to conquer a 200-bar SMA level of 76.56 to recall the sellers.
In doing so, the monthly bottom of 76.12 and August 20 low close to 75.60 could gain market attention.
AUD/JPY four-hour chart
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