AUD/JPY Price Analysis: Bullish hammer keeps buyers hopeful

• AUD/JPY charted a bullish candlestick formation on Thursday, holds onto recovery gains afterward.
• 21-day SMA acts as the immediate upside barrier.
• A breakdown under 64.40 will defy the pattern and imply the bearish trend continuation.

AUD/JPY remains mildly bid, up 0.18% to 65.50, amid the early Asian session on Friday. That said, the pair portrayed a bullish candlestick formation, a bullish hammer, on the daily (D1) chart on Thursday.

In addition to the candlestick, MACD also flashes positive signals, which in turn pushes the pair nearer to a 21-day SMA level of 65.95.

On a clear break beyond 65.95, also crossing 66.00, the buyers can aim for Tuesday’s top surrounding 67.30 whereas 67.70/80 comprising highs marked from March 12 could lure the bulls afterward.

Meanwhile, a daily closing below Thursday’s low near 64.40 will defy the bullish candlestick formation and imply a continuation of the previous bearish trend suggesting gradual declines toward the sub-60.00 level.

Though, 63.00 and 61.70 are likely intermediate rests that can be availed during the fresh downside.

AUD/JPY daily chart

Trend: Further recovery expected