AUD/JPY Price Analysis: Fades bounce off 100-HMA, weekly support line

• AUD/JPY stays directed to three-day-old horizontal resistance area.
• Normal RSI conditions, offer in US suggest continuation of sideways grind.

AUD/JPY eases from intraday high of 84.77 to 84.73 during early Monday. In doing so, the cross-currency pair keeps recovery moves 100-HMA and an ascending support line from last Monday. However, a horizontal area comprising multiple highs marked since last Wednesday guards the quote’s immediate upside amid normal RSI conditions.

Given the lack of major catalysts, the quote is likely to remain subdued inside the 84.60-80 trading range, comprising the stated support confluence and horizontal resistance.

Though, comparatively stronger support keeps sellers a bit cautious while buyers can quickly jump to 85.15-20 hurdle past 84.80.

Additionally, a clear break of 85.20 enables AUD/JPY bulls to cross the 85.80 key resistance, by refreshing the highest levels since February 2018, marked earlier in the month.

On the contrary, a downside break of 84.60 support can drag the quote back to the latest swing lows near the 84.00 round figure.

In addition to the 84.00 threshold, the monthly low of 83.93 is also likely to probe the AUD/JPY sellers below 84.60.

AUD/JPY hourly chart

Trend: Sideways