AUD/JPY Price Analysis: Double top in place, targets 83.00

AUD/JPY: The break below 84.60 confirmed the double-top chart pattern, with 83.00 as the target.
AUD/JPY: The near-term trend is downward, but caution is warranted as the longer-term trend is up.

Christian Borjon Valencia FXStreet

The AUD/JPY slides to fresh weekly lows during the New York session, down 0.33%, trading at 83.90 at the time of writing. The market mood is upbeat, portrayed by global equities rising during the day. In the FX market, risk-off mood benefits safe-haven currencies like the Japanese yen and the Swiss franc.

Meanwhile, the US Dollar has been offered since the American session got underway, on the back of plunging US T-.boind yields, as investors take notice that the Federal Reserve would not raise rates at the pace expressed by market participants in the money markets.

AUD/JPY Price Forecast: Technical outlook

Daily chart

In the daily chart, the AUD/JPY broke below the neckline of a double-top at 84.60. Additionally, the 84.00 gave way to AUD/JPY sellers, which seem to be in control for the last couple of sessions. Despite that, in the near term, the cross-currency pair has a downward bias; the longer-term trend is up. The daily moving averages (DMA’s) remain below the spot price but would be at risk of being breached as they lie below the double-top target at 83.00, within the 81.80-82.80 range.

AUD/JPY TECHNICAL SUPPORT/RESISTANCE LEVELS

Overview
Today last price	83.99
Today Daily Change	-0.19
Today Daily Change %	-0.23
Today daily open	84.18

Trends
Daily SMA20	84.73
Daily SMA50	82.28
Daily SMA100	81.89
Daily SMA200	82.78

Levels
Previous Daily High	85.21
Previous Daily Low	83.9
Previous Weekly High	86.06
Previous Weekly Low	84.73
Previous Monthly High	86.26
Previous Monthly Low	79.9
Daily Fibonacci 38.2%	84.4
Daily Fibonacci 61.8%	84.71
Daily Pivot Point S1	83.65
Daily Pivot Point S2	83.12
Daily Pivot Point S3	82.33
Daily Pivot Point R1	84.96
Daily Pivot Point R2	85.74
Daily Pivot Point R3	86.28

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.