AUD/JPY Price Analysis: Bears challenge multi-month support near 84.40

AUD/JPY inches lower in the Asian session.
More downside envisioned if price decisively breaks 84.30.
Negative momentum oscillator hints at bearish bias.

Rekha Chauhan Independent Analyst

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

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

AUD/JPY

Overview
Today last price	84.41
Today Daily Change	-0.04
Today Daily Change %	-0.05
Today daily open	84.45

Trends
Daily SMA20	84.74
Daily SMA50	84.32
Daily SMA100	83.22
Daily SMA200	80.02

Levels
Previous Daily High	84.99
Previous Daily Low	84.32
Previous Weekly High	85.15
Previous Weekly Low	83.98
Previous Monthly High	85.8
Previous Monthly Low	83.93
Daily Fibonacci 38.2%	84.58
Daily Fibonacci 61.8%	84.73
Daily Pivot Point S1	84.18
Daily Pivot Point S2	83.91
Daily Pivot Point S3	83.51
Daily Pivot Point R1	84.85
Daily Pivot Point R2	85.26
Daily Pivot Point R3	85.53

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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