AUD/JPY Price Analysis: Tumbles below 97.50, dropping to four-day lows
- AUD/JPY pair is experiencing a downward trend, struggling to regain momentum, staying below the crucial 97.50 level.
- Technical analysis indicates an overall upward bias for the pair, but recent movements have seen it drop below the Tenkan-Sen at 97.31, signaling the potential for further declines.
- On the flip side, a recovery above the recent high of 97.72 could pave the way for testing the 98.00 resistance level.
The AUD/JPY post of four straight days of losses stays below the 97.50 area on Monday, breaking below a key support level at the time of writing. The AUD/JPY is trading at 97.24, down y 0.01%, as Tuesday’s Asian session begins.
From a daily chart perspective, the pair is upward biased, but it fell below the Tenkan-Sen at 97.31, which could exacerbate a test of the 97.00 figure. The pair would witness further downside action below the latter, like the Senkou Span A at 96.86, before slumping toward the Kijun-Sen at 96.41. Once cleared, up next would be. the 96.00 mark.
On the other hand, if AUD/JPY climbs past the November 20 high at 97.72, that could exacerbate a test of the 98.00 figure. Once cleared, up next would be the year-to-date (YTD) high at 98.60, ahead of the 99.00 figure.
AUD/JPY Price Analysis – Daily Chart
AUD/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
