AUD/JPY technical analysis: Sellers target 50-HMA, 23.6% Fibo. confluence after RBA

• AUD/JPY fails to overcome risk-on buying despite RBA’s overall neutral policy decision.
• The pullback from 38.2% Fibonacci retracement highlights 72.13/16 support-confluence during further selling pressure.
• 100-HMA, 50% Fibonacci retracements hold immediate upside capped.

Even if the Reserve Bank of Australia (RBA) refrained from providing clear signs of its future rate cuts, not to forget today’s decision of no change in current monetary policy, the AUD/JPY pair remains on a back foot while trading near 72.28 during early Tuesday.

The pair now aims for 72.13/16 support confluence including 50-hour moving average (HMA) and 23.6% Fibonacci retracement of its declines since July 30.

Should prices slip under 72.13, Monday’s high near 72.00 can act as buffer ahead of fetching the quote to monthly lows near 71.23.

Alternatively, 100-HMA and 50% Fibonacci retracement limits the pair’s immediate upside around 73.21/23, a break of which can further propel the upside momentum towards 61.8% Fibonacci retracement level of 73.68 and then to 74.00 round-figure.

AUD/JPY hourly chart

Trend: Bearish