AUD/JPY Price Analysis: Clings near 84.10, bulls battles below 20-day SMA

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.

Rekha Chauhan Independent Analyst

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

AUD/JPY

Overview
Today last price	84.05
Today Daily Change	-0.06
Today Daily Change %	-0.07
Today daily open	84.11

Trends
Daily SMA20	84.29
Daily SMA50	84.4
Daily SMA100	83.87
Daily SMA200	80.57

Levels
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

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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