AUD/JPY Price Analysis: Recovers some lost ground near the 94.00 barrier

AUD/JPY attracts some buyers and holds ground near the 94.00 mark on Thursday.
The stronger Chinese data offset the disappointing Australian data.
AUD/JPY trades within a descending trend channel line from the middle of June.
The immediate resistance level is seen at 95.50; the initial support level is located at 93.30.

Lallalit Srijandorn FXStreet

The AUD/JPY cross recovers some lost ground and hovers around the 94.00 mark heading into the early European trading hours on Thursday. The cross currently trades around 94.07, gaining 0.37% for the day.

The stronger Chinese data on Thursday offset the disappointing Australian economic data. That said, China’s Caixin Services PMI climbed to 54.1 in July from 53.9 prior, better than the market consensus of 52.5. The upbeat Chinese economic figure could benefit the China-proxy Australian Dollar (AUD) against its rivals.

From a technical perspective, AUD/JPY trades within a descending trend channel line from the middle of June on the four-hour chart. That said, the path of least resistance for the AUD/JPY is to the downside as the cross holds below the 50- and 100-hour Exponential Moving Averages (EMAs).

95.50 acts as the immediate resistance level for AUD/JPY. The mentioned level indicates the upper boundary of a descending trend channel and a high of August 1. The next barrier to watch is 96.85 (High of July 4) en route to 97.60 (YTD high).

On the downside, the cross will meet an initial support level at 93.30 (Low of July 12). The next downside stop appears at 92.60 (Low of July 28) and 92.40 (the lower limit of a descending trend channel). A break below the latter will see a drop to 92.15 (Low of June 6).

It’s worth noting that the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) hold in bearish territory, supporting the sellers for now.

AUD/JPY four-hour chart

AUD/JPY

Overview
Today last price	93.99
Today Daily Change	0.27
Today Daily Change %	0.29
Today daily open	93.72

Trends
Daily SMA20	94.71
Daily SMA50	94.6
Daily SMA100	92.14
Daily SMA200	91.93

Levels
Previous Daily High	94.9
Previous Daily Low	93.59
Previous Weekly High	95.86
Previous Weekly Low	91.79
Previous Monthly High	96.84
Previous Monthly Low	91.79
Daily Fibonacci 38.2%	94.09
Daily Fibonacci 61.8%	94.4
Daily Pivot Point S1	93.24
Daily Pivot Point S2	92.76
Daily Pivot Point S3	91.93
Daily Pivot Point R1	94.55
Daily Pivot Point R2	95.38
Daily Pivot Point R3	95.86

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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