- AUD/JPY edges lower on the first trading day of the week.
- Bears will reign control if price decisively breaks 84.00.
- Momentum oscillator holds onto oversold zone with a neutral stance.
AUD/JPY kickstarts the new trading week on a lower note on Monday. The pair hovers in a close trading band while swinging back and forth.
At the time of writing, AUD/JPY is trading at 84.02, down 0.12% for the day.
AUD/JPY daily chart
On the daily chart, the AUD/JPY has broken a broader trading range of 84.20 and 85.50 with a strong selling pressure on June 17. The pair made a double bottom formation near 82.40 and made a recovery to the prior levels in the earlier week.
That said, price faces strong resistance near the above mentioned lower trading range of 84.20. A sustained break below 84.00, a key psychological mark, would bring the selling opportunities back into action.
The first target for AUD/JPY bears could be located at the 83.85 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD could amplify the downside momentum.
In doing so, the sellers would test the low of June 23 at 83.52 followed by the 83.20 horizontal support level.
Alternatively, if price sustains above the 20-day Simple Moving Average (SMA) at 84.20, it could move back to June May 24 high at 84.38.
The price action suggests a continuation of the previous trading move inside the rectangle formation. Next, AUD/JPY bulls would target the 84.75 horizontal resistance level followed by June 15 high at 84.93.
AUD/JPY additional levels
|Today last price||84.05|
|Today Daily Change||-0.06|
|Today Daily Change %||-0.07|
|Today daily open||84.11|
|Previous Daily High||84.26|
|Previous Daily Low||84.02|
|Previous Weekly High||84.26|
|Previous Weekly Low||82.14|
|Previous Monthly High||85.8|
|Previous Monthly Low||83.93|
|Daily Fibonacci 38.2%||84.17|
|Daily Fibonacci 61.8%||84.11|
|Daily Pivot Point S1||84|
|Daily Pivot Point S2||83.9|
|Daily Pivot Point S3||83.77|
|Daily Pivot Point R1||84.24|
|Daily Pivot Point R2||84.36|
|Daily Pivot Point R3||84.47|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.