#AUDJPY @ 92.3100 licks its wounds at weekly low, sidelined of late., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/JPY licks its wounds at weekly low, sidelined of late.
• Clear break of 50-SMA, two-week-old ascending trend line favor sellers.
• Area comprising lows marked since early October gains the bear’s attention.
• Buyers need validation form 200-SMA before retaking control.

The pair currently trades last at 92.3100.

The previous day high was 93.1 while the previous day low was 92.4. The daily 38.2% Fib levels comes at 92.67, expected to provide resistance. Similarly, the daily 61.8% fib level is at 92.83, expected to provide resistance.

AUD/JPY holds lower ground near 93.30 during Friday’s Asian session, after posting the biggest daily loss in two weeks the previous day.

In doing so, the cross-currency pair braces for further downside as it already broke the key support late Thursday.

That said, a clear downside break of convergence of the 50-SMA and a fortnight-old ascending trend line, around 92.40-50 by the press time, keeps AUD/JPY bears hopeful of witnessing further downside.

The AUD/JPY sellers also take clues from the bearish MACD signals while aiming for the 92.00 threshold as the immediate support.

It’s worth noting that the horizontal region comprising multiple lows marked since early October, near 91.10, appears the key support to watch past 92.00, a break of which will highlight the October month low near 90.85 for the AUD/JPY bears.

Alternatively, recovery remains elusive below the 92.40-50 support-turned-resistance.

Even so, a downward-sloping resistance line from November 01, close to the 93.00 round figure, could challenge the AUD/JPY bears.

In a case where the pair manages to remain firmer past 93.00, the 200-SMA and 50% Fibonacci retracement of the pair’s late October moves, near 93.30, will be crucial to watch.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 92.33 at the time of writing. Pair opened at 92.82 and is trading with a change of -0.53% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 92.91, 50 SMA 93.42, 100 SMA @ 94.07 and 200 SMA @ 93.19.

The previous day high was 93.1 while the previous day low was 92.4. The daily 38.2% Fib levels comes at 92.67, expected to provide resistance. Similarly, the daily 61.8% fib level is at 92.83, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 92.45, 92.07, 91.75
• Pivot resistance is noted at 93.15, 93.47, 93.85

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