AUD/JPY Price Analysis: Volatile session sees gains erased as key support holds
- AUD/JPY saw a choppy session, briefly rising to 94.00 before retreating back toward 93.00.
- The pair remains near its lowest levels since mid-September, with indicators suggesting potential consolidation.
- Key support holds around 93.00, while resistance at 94.00 remains a hurdle for bulls.
The AUD/JPY pair experienced a volatile trading session, initially climbing towards 94.00 before reversing and retreating back near 93.00. This price action highlights continued uncertainty in the market, with sellers stepping in at higher levels to cap bullish attempts. Despite the intraday fluctuations, the pair remains near multi-month lows, suggesting that bearish sentiment still lingers.
From a technical standpoint, the Relative Strength Index (RSI) remains in a near-oversold zone, reflecting weak upside momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram prints flat red bars, signaling a pause in selling pressure but no decisive shift toward bullish control.
Looking ahead, the pair is currently testing support around 93.00, a key level that has held so far. A break below this area could intensify losses, exposing 92.50 as the next downside target. On the upside, resistance at 94.00 continues to limit bullish advances. A decisive push above this level could encourage buyers and open the door toward 94.50.
AUD/JPY daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
