AUD/JPY Price Analysis: Buyers look for entry beyond 70.20
- AUD/JPY bounces off to again confront monthly horizontal resistance.
- March high could satisfy buyers above the recent tops.
- 200-bar SMA offers near-term strong downside support.
AUD/JPY extends its pullback moves from 69.38 to 69.88 amid the initial Asian session on Tuesday. In doing so, the pair again heads to 70.20 horizontal resistance that has been challenging buyers off-late.
Considering the weakness in MACD, the pair is likely to register another failure in crossing the monthly upside barrier around 70.20.
However, a surprise move past-70.20 enables the quote to challenge March month top nearing 71.52.
Meanwhile, 69.40 and 69.00 can entertain sellers during the fresh declines whereas 200-bar SMA surrounding 68.00 could keep the further downside limited.
In a case where AUD/JPY prices dip below 68.00, the monthly low near 67.60/65 and April 21 bottom close to 67.30 should be watched carefully.
AUD/JPY four-hour chart
Trend: Pullback expected
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