AUD/JPY technical analysis: Upside limited by 50-D EMA amid lack of moves

• AUD/JPY remains choppy between 50 and 21-D EMA.
• 23.6% Fibonacci retracement offers additional strength to 21-D EMA support.
• Multiple failures to grow past-76.40 please the bears targeting sub-74.00 area.

Despite dragging strong beyond 23.6% Fibonacci retracement of April-June downpour and 21-day exponential moving average (21-D EMA), AUD/JPY continues to follow the latest trading range as it takes the rounds to 75.71 during the early Asian session on Monday.

While 75.51/53 confluence including 21-D EMA and 23.6% Fibonacci retracement limits the pair’s declines, a break of which can recall the latest low near 75.13 ahead of pushing sellers toward late-June high surrounding 74.80.

In a case where bears refrain from respecting 74.80, June month bottom close to 73.92 could become their favorite.

Alternatively, the pair’s successful rise past-50-D EMA level of 75.91 may again propel prices to rise beyond mid-May high around 76.40, which in turn increases the pair’s ability to confront 100-D EMA level of 76.84.

AUD/JPY daily chart

Trend: Sideways