- AUD/JPY inches lower in the Asian session.
- More downside envisioned if price decisively breaks 84.30.
- Negative momentum oscillator hints at bearish bias.
The AUD/JPY cross-currency pair extends the previous day’s losses on Friday. The pair opened higher but failed to hold onto the gains.
At the time of writing, AUD/JPY trades at 84.38, down 0.08% for the day.
AUD/JPY 4-hour chart
-637583681303996574.png)
On the 4-hour chart, the pair has been struggling to hold onto the positive territory and is expected to witness more downside momentum. A break of intraday low at 84.35 could bring AUD/JPY bears back in the picture with the first target at the 84.20 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator reads below the central line with a bearish crossover. Any downtick in MACD would allow bears to flex their muscle toward the May 24 low at 83.97 followed by the low’s of April 26 at 83.50.
Alternatively, if prices tick higher, then it could crawl back to the previous day high at 84.53 followed by the 50-hour SMA at 84.70.
The next area of resistance would be located near the 84.95 horizontal resistance level.
AUD/JPY Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.