AUD/JPY Price Analysis: Bears remain in control below 83.00
- AUD/JPY extends the previous session’s downside momentum and continues to trade lower.
- Price moves in a broader trading range in the 82.80 and 84.20 price band.
- Momentum oscillator holds onto the oversold zone with a negative bias.
AUD/JPY edges lower on Wednesday morning in the Asian session. After falling shapely from the high of 84.19 in the prior trading session, the pair remained pressurized.
At the time of writing, AUD/JPY is trading at 82.79, down 0.20% for the day.
AUD/JPY daily chart
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On the daily chart, the AUD/JPY is trading in between 82.80 and 84.20 price band for the past two-week.
That said, if price breaks intraday’s low of 82.69, it could test the 82.50 horizontal support level followed by the low of June 21 at 82.13.
The Moving Average Convergence Divergence (MACD) indicator is in the oversold zone with bearish crossover. Any downtick in the MACD could amplify the downside momentum.
AUD/JPY bears would test the February 26 low at the 81.99 level.
Alternatively, if price reverses the direction, it could travel back to the 83.00 horizontal resistance level followed by the June 30 high of 83.35.
A daily close above the 83.35 would open the doors for the 83.50 horizontal resistance area.
AUD/JPY additional levels
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.
