AUD/JPY Price Analysis: Plunges after RBA’s dovish hold, technicals hint downside risks remain


  • AUD/JPY dipped below key support levels, like the Kijun-Sen, and Senkou Span.
  • The Chikou Span crossing below price action, and narrowing distance between Tenkan and Kijun-Sen, signals bears are gaining traction.
  • If AUD/JPY buyers reclaim 97.00, a rally to 98.00 is on the cards.

The AUD/JPY began Wednesday’s Asian session with a negative tone after registering losses of more than 1% on Tuesday. This is courtesy of the Reserve Bank of Australia (RBA), which held rates unchanged, though market participants perceived the decision as a “dovish hold,” so Aussie Dollar (AUD) sellers exerted downward pressure on the currency. At the time of writing, the pair is exchanging hands at 96.36, down 0.02%.

Despite registering solid losses, the AUD/JPY remains neutral to upward bias, but downside risks are emerging. The Chikou Span is crossing below the price action, turning bearish, and the distance between the Tenkan and Kijun-Sen is narrowing. If the pair slides below the November 10 low of 96.28, that will exert downward pressure on the pair. The next support would be the top of the Ichimoku Cloud (Kumo) at around 95.15/25, followed by the bottom of the Kumo at 94.95.

On the flip side, in the outcome of the AUD/JPY reclaiming the 97.00 figure, buyers could regain control. The next spotted resistance level is the Tenkan-Sen at 97.40, and if the pair gains additional momentum, it could rally toward the 98.00 figure.

AUD/JPY Price Analysis – Daily Chart

AUD/JPY Technical Levels

AUD/JPY

Overview
Today last price 96.41
Today Daily Change -1.06
Today Daily Change % -1.09
Today daily open 97.47
 
Trends
Daily SMA20 97.52
Daily SMA50 96.2
Daily SMA100 95.3
Daily SMA200 93.46
 
Levels
Previous Daily High 97.98
Previous Daily Low 97.2
Previous Weekly High 98.5
Previous Weekly Low 97.24
Previous Monthly High 98.66
Previous Monthly Low 95.61
Daily Fibonacci 38.2% 97.5
Daily Fibonacci 61.8% 97.68
Daily Pivot Point S1 97.12
Daily Pivot Point S2 96.77
Daily Pivot Point S3 96.34
Daily Pivot Point R1 97.9
Daily Pivot Point R2 98.33
Daily Pivot Point R3 98.68

 

 

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