AUD/JPY Price Analysis: Bears challenge 61.8% Fibonacci retracement at 84.60

AUD/JPY remains depressed near 84.80 in the Asian session.
More downside envisioned if price breaks below 84.60.
Negative momentum oscillator reflects downward bias.

Rekha Chauhan Independent Analyst

The AUD/JPY cross reserves a muted tone in the Asian session. The cross looks in an indecisive mode as it moves in a close trading range of 84.60 and 84.85.

At the time of writing, AUD/JPY is trading at 84.73, up 0.03% on the day.

AUD/JPY daily chart

On the daily chart, the cross has been consolidating losses near the 61.8% Fibonacci retracement level at 84.60 from the lows of 83.93. If the price breaches the mentioned level, then it would navigate toward the May 6 low at 84.24.

The Moving Average Convergence Divergence (MACD) indicator reads below the midline, which hints at the continuation of the prevailing trend until the 84.00 horizontal support level.

Alternatively, if the price breaks above the 50-hour Simple Moving Average (SMA), then it could meet the first hurdle at the 85.00 horizontal resistance level. Moving higher AUD/JPY bulls could test the 23% Fibonacci retracement at 85.40, followed by the Monday high at 85.40.

AUD/JPY Additional Levels

AUD/JPY

Overview
Today last price	84.82
Today Daily Change	0.11
Today Daily Change %	0.13
Today daily open	84.71

Trends
Daily SMA20	84.37
Daily SMA50	84.06
Daily SMA100	82.43
Daily SMA200	79.35

Levels
Previous Daily High	85.26
Previous Daily Low	84.6
Previous Weekly High	85.32
Previous Weekly Low	83.93
Previous Monthly High	85.01
Previous Monthly Low	83.04
Daily Fibonacci 38.2%	84.85
Daily Fibonacci 61.8%	85.01
Daily Pivot Point S1	84.45
Daily Pivot Point S2	84.19
Daily Pivot Point S3	83.79
Daily Pivot Point R1	85.12
Daily Pivot Point R2	85.52
Daily Pivot Point R3	85.78

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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