AUD/JPY Technical Analysis: Latest pullback shifts focus to short-term support trendline

• AUD/JPY takes another U-turn from familiar resistance territory.
• Three-day-old support line holds the key to 74.85/84 horizontal support.

AUD/JPY drops to 75.45 during the initial Monday morning in Asia. Friday’s pullback from the previous week’s top portrays the buyers’ exhaustion whereas sellers will wait for the break of the immediate support trend line.

The three-day-old rising trend line, at 75.25 now, acts as a nearby important support to watch as it holds the key to pair’s further declines towards 74.85/84 horizontal support comprising early-December high and last week’s low.

Should prices decline below 74.84, 61.8% Fibonacci retracement of November 21 to December 12 upside, at 74.44, followed by the monthly bottom near 73.80, will be on the sellers’ radar.

On the upside, pair’s sustained break of 75.60/65 region, can recall 76.00 to the chart whereas July month high near 76.30 could please buyers afterward.

AUD/JPY four-hour chart

Trend: Pullback expected