AUD/JPY Price Analysis: Remains pressured towards 200-DMA
|- AUD/JPY fades bounce off monthly low amid a slow start to the week.
- Bearish MACD, three-week-old resistance line keeps sellers hopeful.
- Oversold RSI, 200-DMA can test bears ahead of January high.
AUD/JPY stays pressured around 81.45 amid a subdued Asian trading session on Monday. In doing so, the cross-currency pair fails to keep Friday’s bounce off the monthly low while staying beneath a downward sloping trend line since June 25. Also favoring the sellers are the MACD signals.
However, oversold RSI and nearness to the key moving average challenges the pair’s further downside.
For now, AUD/JPY trades are well-directed towards 200-DMA support near 81.20, followed by the 81.00 threshold. Though, January’s top near 80.90 could challenge the pair’s further weakness.
In a case where the bears keep reins below 80.90, the 50% Fibonacci retracement of September 2020 to May 2021 upside, near 79.50, will be the key to watch.
Meanwhile, any corrective pullback will be considered tepid until staying below a short-term resistance line around 82.30.
Following that, the latest swing high near 82.80 and April’s low near the 83.00 round figure could lure the bulls.
AUD/JPY: Daily chart
Trend: Further weakness expected
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