AUD/JPY Price Analysis: Refreshes fortnight low as sellers attack 93.50 key support
- AUD/JPY remains pressured around two-week low, extends the previous day’s losses.
- 50-DMA, six-month-old ascending trend line restricts immediate downside.
- MACD teases bears but 100-DMA acts as an extra filter to the south.
AUD/JPY bears keep reins around the lowest levels in two weeks as they poke 93.45 during early Friday morning in Europe.
In doing so, the cross-currency pair extends the previous day’s losses while pushing bears to attack the crucial support confluence near 93.50, comprising the 50-DMA and an upward sloping trend line from January. It should be noted that the MACD also lures bears and adds strength to the downside bias.
Even so, the 100-DMA support around 92.45 can test the AUD/JPY bears before directing them to the monthly low near 91.40.
It should be noted that the mid-May swing high around 91.20 could challenge sellers past 91.40, a break of which could quickly fetch the quote towards the 90.00 threshold.
Alternatively, recovery remains elusive below March’s high near 94.35.
Following that, a horizontal area comprising multiple levels marked since April 20, close to 95.85 will be a tough nut to crack for the AUD/JPY bulls.
In a case where the pair successfully crosses the 95.85 hurdle, the odds favoring its run-up towards the yearly peak of 96.88 can’t be ruled out.
AUD/JPY: Daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
