AUD/JPY Price Analysis: Aussie falling back into new weekly lows, heading for 96.00
- The AUD/JPY is backsliding after seeing a rejection from the 97.00 handle.
- Aussie bidders are getting washed out of the market, pushing the AUD down across the board.
- Intraday momentum is firmly pinned into the bearish side.
The AUD/JPY is seeking out further downside as the Aussie markets tilt firmly into the bearish side heading into the Friday market session.
The Aussie's (AUD) near-term bullish stance from last week is cracking into pieces, marking in a technical ceiling against the Yen (JPY) after a failed push into 97.60 sees the AUD/JPY dumping chart paper. Bids have tumbled below the 200-hour Simple Moving Average (SMA) as intraday momentum rotates into bear country.
Bids are seeing near-term friction from the 96.40 region, but a short-side continuation will see the AUD/JPY extending downwards into the 96.00 handle.
The 50-hour SMA is falling back into the longer moving average but still remains on the top side, and a bearish confirmation could see any bullish pullbacks primed for a continuation lower if bidders don't step into markets and recover the AUD heading into the week's market close.
AUD/JPY Hourly Chart
AUD/JPY Daily Chart
AUD/JPY Technical Levels
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
