#AUDJPY @ 89.1060 prints five day winning streak, prints mild gain of late., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• AUD/JPY prints five day winning streak, prints mild gain of late.
• Upbeat MACD signals, sustained bounce off three-week-old support favor buyers.
• Multiple hurdles towards the north, downbeat expectations from Aussie employment report prod bulls.
• Bears need validation from 88.45 and Australia jobs data to retake control.

The pair currently trades last at 89.1060.

The previous day high was 89.13 while the previous day low was 88.53. The daily 38.2% Fib levels comes at 88.9, expected to provide support. Similarly, the daily 61.8% fib level is at 88.76, expected to provide support.

AUD/JPY portrays mild gains around 89.20 as bulls keep the reins for the fifth consecutive day ahead of Australia’s monthly employment report, up for publishing on early Thursday.

In doing so, the cross-currency pair extends the previous week’s rebound from an upward-sloping support line from March 24, as well as the 21-DMA. Adding strength to the upside bias are the bullish MACD signals.

However, a likely increase in the Aussie Unemployment Rate, as well as downbeat Employment Change, for March joins multiple technical hurdles towards the north to challenge the AUD/JPY buyers.

Among them, a six-week-old descending resistance line near 89.50 and the 90.00 round figure are the initial challenges for the pair buyers.

Following that, the previous support line from late December 2020, around 90.25, will precede a seven-month-old descending trend line, close to 91.10 at the latest, to act as the last defense of the AUD/JPY bears.

Meanwhile, pullback moves remain elusive unless the quote stays beyond the 88.45 support confluence comprising the 21-DMA and a three-week-long rising trend line.

In a case where AUD/JPY bears manage to conquer the 88.45 support, multiple rest-points near 87.40-35 and 87.00 may prod the downside moves before highlighting the latest bottom of around 86.05 for the sellers.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 89.11 at the time of writing. Pair opened at 88.94 and is trading with a change of 0.19% % .

The pair is trading above its 20 Daily moving average @ 88.36, below its 50 Daily moving average @ 90.16 , below its 100 Daily moving average @ 90.64 and below its 200 Daily moving average @ 92.46

The previous day high was 89.13 while the previous day low was 88.53. The daily 38.2% Fib levels comes at 88.9, expected to provide support. Similarly, the daily 61.8% fib level is at 88.76, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 88.6, 88.27, 88.0
• Pivot resistance is noted at 89.2, 89.47, 89.8

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