AUD/JPY Price Analysis: Tweezers-top at weekly tops around 82.20 looms as sellers take control

The AUD/JPY downward break at 82.00 exerts selling pressure on the pair.
Dampened market sentiment mood exacerbated demand for the safe-haven JPY.
A tweezers-top near the weekly tops looms and paves the way towards 80.00.

Christian Borjon Valencia FXStreet

The AUD/JPY slides for the second time in the week, and from a technical perspective, it is forming a tweezers-top candle chart pattern, retreating from weekly tops around 82.27 to the 81.50s region. At the time of writing is trading at 81.55.

AUD/JPY Price Forecast: Technical outlook

AUD/JPY daily chart, shows that Friday’s price action in the Asian session seesawed around the daily pivot point and February 3 daily high, at 81.89 and 82.27, respectively. However, during the European session, dampened market mood conditions spurred a drop towards 81.32 for a 90-pip fall, stabilizing around the S1 daily pivot at 81.51.

That said, the AUD/JPY remains neutral-bearish biased. Friday’s price action witnessed a downward break of the 50-day moving average (DMA) at 81.58. In the event of a daily close below of it, that will confirm the tweezers-top, which could fuel another leg-down before confirming a bottom.

The AUD/JPY first support would be the February 1 low at 80.89. A downward break would expose the confluence of a bottom-trendline of a bullish-flag and the January 28 daily low at 80.36, followed by the psychological 80.00 barrier.

AUD/JPY

Overview
Today last price	81.55
Today Daily Change	-0.40
Today Daily Change %	-0.49
Today daily open	81.95

Trends
Daily SMA20	82.11
Daily SMA50	81.91
Daily SMA100	82.47
Daily SMA200	82.49

Levels
Previous Daily High	82.29
Previous Daily Low	81.39
Previous Weekly High	82.16
Previous Weekly Low	80.37
Previous Monthly High	84.3
Previous Monthly Low	80.37
Daily Fibonacci 38.2%	81.94
Daily Fibonacci 61.8%	81.73
Daily Pivot Point S1	81.46
Daily Pivot Point S2	80.97
Daily Pivot Point S3	80.56
Daily Pivot Point R1	82.36
Daily Pivot Point R2	82.77
Daily Pivot Point R3	83.26

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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