#AUDJPY @ 93.9170 remains sidelined after printing bearish candlestick the previous day., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/JPY remains sidelined after printing bearish candlestick the previous day.
• Bearish MACD signals, sluggish RSI adds strength to the downside bias.
• 50-DMA restricts recovery inside monthly symmetrical triangle, 200-DMA offers additional support.

The pair currently trades last at 93.9170.

The previous day high was 94.02 while the previous day low was 93.57. The daily 38.2% Fib levels comes at 93.85, expected to provide support. Similarly, the daily 61.8% fib level is at 93.74, expected to provide support.

AUD/JPY steadies near 93.80-85 for the second consecutive day on early Wednesday, after stating the week on a firmer footing. In doing so, the cross-currency pair struggles with the 50-DMA hurdle inside a symmetrical triangle formation comprising multiple levels marked since November 01.

It’s worth noting, however, that bearish signals from the Moving Average Convergence and Divergence (MACD) indicator join sluggish Relative Strength Index (RSI) placed at 14 to keep sellers hopeful. Additionally, the previous Doji candlestick on the daily formation also favors the bears.

However, a clear downside break of the stated triangle’s support line, around 93.40 by the press time, appears necessary for the AUD/JPY bears to retake control. Even so, the 200-DMA level of 92.50 could challenge the quote’s further downside.

Though, the AUD/JPY pair’s successful trading below the 200-DMA will make it vulnerable to testing the previous monthly low surrounding 90.85 before highlighting the 90.00 psychological magnet.

Meanwhile, a daily closing beyond the 50-DMA hurdle surrounding the 94.00 threshold appears necessary for the bull’s conviction. Following that, a run-up towards the aforementioned triangle’s top, close to 94.35, could become imminent.

Should the AUD/JPY bulls keep the reins past 94.35, the monthly high near 95.55 and October’s peak of 95.75 could lure the upside moves.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.84 at the time of writing. Pair opened at 93.84 and is trading with a change of 0.00% % .

The pair is trading below its 20 Daily moving average @ 94.15, below its 50 Daily moving average @ 94.03 , below its 100 Daily moving average @ 94.28 and above its 200 Daily moving average @ 92.46

The previous day high was 94.02 while the previous day low was 93.57. The daily 38.2% Fib levels comes at 93.85, expected to provide support. Similarly, the daily 61.8% fib level is at 93.74, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 93.6, 93.36, 93.15
• Pivot resistance is noted at 94.06, 94.27, 94.51

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