AUD/JPY technical analysis: Struggles to hold 61.8% Fibo. breakout amid overbought RSI

• Overbought RSI levels drag the AUD/JPY pair downward despite recently clearing the key resistance.
• 4H 200MA acts important support during further declines.

Despite clearing 61.8% Fibonacci retracement of May-June declines, AUD/JPY fails to hold the upside momentum as it seesaws near 75.51 amid Friday morning in Asia.

Overbought levels of 14-bar relative strength index (RSI) can be reasoned for the latest pullback towards 200-bar moving average on 4-hour chart (4H 200MA) level of 75.33.

Should the key MA (moving average) fall short of turning the pair up for one more time, 50% Fibonacci retracement level of 75.16 and June 03 low near 74.96 are likely to reappear on the chart.

Meanwhile, an upside clearance of 75.63 could further escalate the pair’s recovery towards the five-week-old descending trend-line at 75.80 now.

In a case where prices keep rallying past-75.80, May-end tops surrounding 76.17/20 and May 20 high of 76.40 may lure the bulls.

AUD/JPY 4-hour chart

Trend: Pullback expected