AUD/JPY Price Analysis: Slips from weekly highs on risk-off impulse, further downside expected

AUD/JPY retreats from its weekly high of 92.01 and trades lower as the Asian session opens.
The AUD/JPY break below the Ichimoku Tenkan-Sen at 91.55 cleared the path toward 91.00.
For a bullish continuation, the AUD/JPY must claim 91.55; otherwise, a fall below 91.10/90.85 will expose 90.00.

Christian Borjon Valencia FXStreet

AUD/JPY retraces from weekly highs of 92.01, drops for two straight days, on sentiment deterioration sponsored by US debt-ceiling woes, as traders brace for the release of the Australian Consumer Price Index (CPI). As the Asian session begins, the AUD/JPY is trading at 91.06, down 0.04%.

AUD/JPY Price Analysis: Technical outlook

From a daily chart perspective, the AUD/JPY is neutral to downward biased after falling below the Ichimoku Tenkan-Sen pierced at 91.55, exacerbating the fall toward the 91.00 figure. A one-month-old upslope support trendline was also broken, suggesting sellers are stepping in.

Even though the AUD/JPY is tilted downwards, a seven-month-old previous resistance trendline turned support, suggesting congestion around the 90.85/91.10 area. If AUD/JPY breaks below that area, the next support would be the Kijun-Sen line at 90.15, ahead of testing a support trendline has passed at around the 90.00 figure. Once cleared, the next support would be the top of the Ichimoku Cloud at 89.55.

Contrarily, the AUD/JPY must claim the Tenkan Sen line at 91.55 for a bullish continuation, triggering a rally toward the 92.00 figure. A breach of the latter will expose the year-to-date (YTD) high at 92.99.

AUD/JPY Price Action – Daily chart

AUD/JPY

Overview
Today last price	91.06
Today Daily Change	-0.77
Today Daily Change %	-0.84
Today daily open	91.83

Trends
Daily SMA20	91.15
Daily SMA50	89.86
Daily SMA100	90.42
Daily SMA200	91.91

Levels
Previous Daily High	92.01
Previous Daily Low	91.6
Previous Weekly High	92.35
Previous Weekly Low	90.76
Previous Monthly High	90.78
Previous Monthly Low	87.59
Daily Fibonacci 38.2%	91.85
Daily Fibonacci 61.8%	91.76
Daily Pivot Point S1	91.62
Daily Pivot Point S2	91.4
Daily Pivot Point S3	91.2
Daily Pivot Point R1	92.03
Daily Pivot Point R2	92.23
Daily Pivot Point R3	92.45

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.

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