AUD/JPY Price Analysis: Trades sideways around 91.70s despite an upbeat mood

The AUD/JPY trades sideways, within a busy area surrounded by all the daily Moving Averages.
AUD/JPY Price Analysis: Range-bound within the 91.57-89 area.

Christian Borjon Valencia FXStreet

The AUD/JPY fluctuates as the Asian session begins, registering minuscule gains of 0.07%, exchanging hands at around 91.73. A risk-on impulse bolstered the Australian Dollar(AUD), while the Bank of Japan’s (BoJ) newly appointed Governor Kazuo Ueda’s dovish comments were a headwind for the Japanese Yen (JPY).

With the AUD/JPY bottoming around the 91.30 area in the last couple of days, price action is contained within the confluence of all the daily Exponential Moving Averages (EMAs) around the 91.57-89 area. Furthermore, the AUD/JPY is trading sideways as the Relative Strength Index (RSI) shifts flat, meaning buyers and sellers are at equilibrium.

If the AUD/JPY clears the top of the range, the next resistance would be 92.00. A breach of the latter will expose the February 21 high at 93.00, followed by the December 13 high at 93.35. Once reclaimed, the AUD/JPY’s next stop would be the psychological 94.00 barrier.

As an alternate scenario, sellers would exert downward pressure on the pair if the AUD/JPY clears a one-month-old upslope support trendline. The AUD/JPY first support would be the 91.00 figure. Break below, and the pair would fall toward the February 10 swing low at 90.22 and then the 90.00 psychological level.

AUD/JPY Daily chart

AUD/JPY Key technical levels

AUD/JPY

Overview
Today last price	91.77
Today Daily Change	0.01
Today Daily Change %	0.01
Today daily open	91.76

Trends
Daily SMA20	91.82
Daily SMA50	90.83
Daily SMA100	92.11
Daily SMA200	93.12

Levels
Previous Daily High	91.94
Previous Daily Low	91.31
Previous Weekly High	93.01
Previous Weekly Low	91.31
Previous Monthly High	92.82
Previous Monthly Low	87.41
Daily Fibonacci 38.2%	91.7
Daily Fibonacci 61.8%	91.55
Daily Pivot Point S1	91.4
Daily Pivot Point S2	91.04
Daily Pivot Point S3	90.77
Daily Pivot Point R1	92.03
Daily Pivot Point R2	92.3
Daily Pivot Point R3	92.67

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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