#AUDJPY @ 89.5040 struggles to defend the corrective bounce off seven-week low., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- AUD/JPY struggles to defend the corrective bounce off seven-week low.
- Ascending support lines from early January 2022 challenge bears amid nearly oversold RSI (14).
- Buyers need validation from two-month-old previous support line.
The pair currently trades last at 89.5040.
The previous day high was 90.67 while the previous day low was 89.55. The daily 38.2% Fib levels comes at 89.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 90.24, expected to provide resistance.
AUD/JPY licks its wounds around 89.70 during Friday’s Asian session as the cross-currency pair traders await the Bank of Japan (BoJ) Monetary Policy Meeting announcements, after refreshing a seven-week low the previous day.
Also read: Bank of Japan Preview: Kuroda’s and ultra-loose policy farewell
In doing so, the pair consolidates the previous day’s corrective bounce off an upward-sloping support line from late January 2022, around 89.50, amid bearish MACD signals. However, the nearly oversold RSI (14) challenges the AUD/JPY sellers from refreshing the multi-day bottom.
If at all the quote breaks the 89.50 support, the ascending support line connecting lows of late January 2022 and lows marked during the last December could act as the last defense of the AUD/JPY buyers, around 88.70.
Alternatively, recovery moves remain elusive unless the pair trades below the previous support line from early January 2023, close to 90.40 at the latest. That said, the 90.00 round figure restricts the immediate upside of the pair.
Should the AUD/JPY price remains firmer past 90.40, the late February lows near 91.30 may probe the buyers before directing them to the all-important 200-DMA hurdle, close to 93.10 at the latest, that holds the key for the pair’s further upside.
Overall, AUD/JPY remains bullish unless the pair breaks the multi-month-old support line near 88.70.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
AUDJPY currently trading at 89.74 at the time of writing. Pair opened at 89.67 and is trading with a change of 0.08% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 89.74 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.08% |
| 3 | Today daily open | 89.67 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 91.76, 50 SMA 91.14, 100 SMA @ 91.95 and 200 SMA @ 93.1.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 91.76 |
| 1 | Daily SMA50 | 91.14 |
| 2 | Daily SMA100 | 91.95 |
| 3 | Daily SMA200 | 93.10 |
The previous day high was 90.67 while the previous day low was 89.55. The daily 38.2% Fib levels comes at 89.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 90.24, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 89.25, 88.84, 88.13
- Pivot resistance is noted at 90.38, 91.08, 91.5
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 90.67 |
| Previous Daily Low | 89.55 |
| Previous Weekly High | 92.25 |
| Previous Weekly Low | 91.28 |
| Previous Monthly High | 93.06 |
| Previous Monthly Low | 90.24 |
| Daily Fibonacci 38.2% | 89.98 |
| Daily Fibonacci 61.8% | 90.24 |
| Daily Pivot Point S1 | 89.25 |
| Daily Pivot Point S2 | 88.84 |
| Daily Pivot Point S3 | 88.13 |
| Daily Pivot Point R1 | 90.38 |
| Daily Pivot Point R2 | 91.08 |
| Daily Pivot Point R3 | 91.50 |
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