The Australian dollar continues to show resilience against the U.S. dollar, maintaining a bid tone even as the yen’s appreciation weighs on EUR/JPY and USD/JPY.
AUD/USD Remains in Uptrend
Last week’s close above the late-January peak of 0.6330 solidified a medium-term bullish outlook for AUD/USD, with the next key target set around 0.6850. However, for further upside, this week’s high of 0.6374 must be surpassed.
The previous resistance at 0.6330 now acts as support due to inverse polarity, with additional support levels seen near the early January high of 0.6302 and the 55-day simple moving average (SMA) at 0.6267.
USD/JPY Extends Decline
After failing to hold above the 55-day SMA at 154.93 last week, USD/JPY has continued its descent, breaking through the September-February support line and hitting the key 150.00 level. If the pair slips further, the next downside target is the December low of 148.65.
Minor resistance is now observed at 150.93, the early February low, while only a breakout above last week’s 154.80 high would open the door to the early February peak of 155.88.
EUR/JPY Plummets
EUR/JPY’s sharp reversal from the 55-day SMA at 161.07 has brought the pair closer to the December-February lows in the 156.18-155.65 range.
Minor resistance has now shifted to 157.97, the early February low. A push above last week’s 161.19 high would shift the focus toward the 164.00 region, but for now, downside pressure remains dominant.
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