AUD/JPY Technical Analysis: Choppy between 21/200-day SMA

• AUD/JPY keeps it below 50% Fibonacci retracement, 200-day SMA.
• Sellers look for entry below 21-day SMA to justify bearing signal from MACD.

Following its failure to stay strong beyond 50% Fibonacci retracement of April-August downside, AUD/JPY drops towards 21-day Simple Moving Average (SMA) as it takes rounds to 74.70 during early Asian morning on Tuesday.

The quote needs to close below a 21-day SMA level of 74.54 to test 38.2% Fibonacci retracement level of 74.10. Though, October 24 low near 73.92 could restrict pair’s further declines.

If 12-bar Moving Average Convergence and Divergence (MACD) keep flashing bearish signals past-73.92, an ascending trend line since August 24, at 73.18 now, will gain seller’s attention.

On the upside, 50% Fibonacci retracement level of 75.37 and 200-day SMA mark around 75.72 restrict pair’s near-term advances.

In a case where prices rally beyond 75.72, July month high near 76.30 and 61.8% Fibonacci retracement around 76.65 will be on the buyers’ radar.

AUD/JPY daily chart

Trend: Sideways