AUD/JPY Price Analysis: Eases from one-week high, monthly resistance line in focus

• AUD/JPY fails to extend the previous two-day winning streak while receding from 76.56.
• Bearish MACD, pullback before short-term upside hurdle keeps the sellers hopeful.
• 21-day SMA can offer immediate support ahead of an ascending trend line from July 30.

AUD/JPY eases to 76.50 amid the pre-Tokyo Asian trading on Wednesday. The aussie cross surged to one-week high following the latest two-day run-up. Though, bulls stepped back even before a five-week-old resistance line play its role.

The recent consolidation in AUD/JPY prices gains support from the bearish MACD to suggest further declines toward a 21-day SMA level near 76.00 round-figures.

However, a short-term rising support line, at 75.76 now, will restrict the quote’s additional downside, if not then the monthly low around 75.10 and July 30 bottom of 74.72 will be in the spotlight.

On the contrary, the pair’s fresh rise will have a bumpy road ahead as not only a falling trend line from July 22, currently near 76.65, but July month’s top of 76.87 and the 77.300 threshold could also challenge the bulls.

AUD/JPY daily chart

Trend: Pullback expected