AUD/JPY Price Analysis: Bears challenge 20-hour SMA near 84.70
|- AUD/JPY accumulates losses in the Asian session.
- More downside in the offing, if the price breaks below 84.70
- Oversold momentum oscillator caution on aggressive bids.
The AUD/JPY cross is trading in the negative territory on the first trading day of a fresh week. The cross opened above the 85.00 mark. However, it was unable to hold onto the gains and turned south, touching the session’s low at 84.74.
At the time of writing, the AUD/JPY cross is trading at 84.80, down 0.25% on the day.
AUD/JPY 4-hour chart
On the 4-hour chart, the cross has been accumulating losses near the 85.15 mark. The cross approaches the 20-hour Simple Moving Average (SMA) at 84.76. If the price breaks below the mentioned level, then the next stop for the bears would be the 84.55 horizontal support level.
Market participants would target Thursday’s low at 84.29 if the losses deepen.
The oversold Moving Average Divergence (MACD) indicator suggests the stretched selling opportunities. Any uptick could reverse the price towards the 84.95 horizontal resistance zone, followed by Wednesday’s high at 85.26.
The next area of resistance could be seen at Tuesday’s high at 85.44.
AUD/JPY additional Levels
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