AUDJPY Bulls Face Big Challenge Around 20-SMA

Technical analysis of Forex market

Selling interest is continuing in the AUDJPY market, remaining below the 20-day simple moving average (SMA). However, the technical indicators are suggesting a possible upside correction. The MACD is strengthening its bullish momentum above the trigger line, while the RSI is looking slightly positive in the negative threshold.

Should positive pressure come in play and the price surpasses the 20-SMA obstacle, resistance could be faced around the 77.16 level, where the 40-SMA is standing. Above this level, the 77.50 resistance could be the next key level to watch.

On the other hand, a drop below the five-month low of 74.95 could take the price until the immediate support of 74.50 ahead of the 72.30 barrier, identified by the low on June 2016.

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In the short-term, the downfall from the 80.70 barrier opened the way for a new downside rally. A successful drop below 74.50 could add more fuel to the bears, while a jump above the 20-SMA could add positive sentiment in the market.

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