The AUDJPY saw the price move higher yesterday after an initial move lower after the RBA decision, but then rebounded higher
The move back to the upside was able to get above its 200 hour moving average (green line currently at 81.379) and also above a downward sloping trendline near 81.72. The price also moved above its 38.2% retracement at 81.859 (move down from the January high).
The high price stalled today at 81.984 at the bottom end of swing lows and highs between 81.98 and 82.14 (see red numbered circles).
The inability to extend toward the high of the swing area, followed by the move back below the 38.2% retracement, led to a rotation further lower in the North American session.
However once the 200 hour MA was retested, the pair has seen buyers leaning and a modest bounce higher. The 200 hour MA comes in at 81.379).
The price has moved up and currently trades at 81.55.
What now?
If the 200 hour MA can hold support, the buyers can feel empowered. Move below and then the 100 hour MA at 81.275, and the buyers turn to sellers.
