#AUDJPY @ 89.9200 If fails to crack 90.00, that will pave the way for a double-top confirmation. (Pivot Orderbook analysis)

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• If AUD/JPY fails to crack 90.00, that will pave the way for a double-top confirmation.
• For a bullish continuation for the AUD/JPY, a break above 90.00 would expose the 200-day EMA at 90.86.

The pair currently trades last at 89.9200.

The previous day high was 89.36 while the previous day low was 88.84. The daily 38.2% Fib levels comes at 89.16, expected to provide support. Similarly, the daily 61.8% fib level is at 89.04, expected to provide support.

The Australian Dollar (AUD) posted gains vs. the Japanese Yen (JPY) on a risk-on impulse, spurred by softer US economic data revealed during Thursday’s North American session. Therefore, high beta currencies like the AUD were bolstered by speculations that the US Federal Reserve (Fed) will hike rates again, followed by a pause—that increased investors’ appetite for riskier assets. As the Asian session begins, the AUD/JPY exchanges hand at 89.94.

The AUD/JPY recent rally from April 6 swing low at 87.50 was capped by April’s 4 daily high at 90.17. Although the cross-currency pair challenged the latter, the AUD/JPY dipped below 90.00. That depicts the formation of a “double top” chart pattern, which could exacerbate a fall toward the 2023 lows at 86.06.

Oscillator-wise, the Relative Strength Index (RSI) is in bullish territory, though shifted flat. At the same time, the Rate of Change (RoC) portrays that buying pressure in the latest rally was made on lower volatility. That said, the AUD/JPY could be set to a downward correction in the near term.

If AUD/JPY drops below the 50-day Exponential Moving Average (EMA) at 89.61, sellers would be in charge, but they will need to crack support at the 20-day EMA around 88.96. The next floor in the near term would be the 88.00 figure, followed by a test of the April 6 low at 87.59.

For a bullish continuation, the AUD/JPY might reclaim 90.00. A breach of the latter will expose the 90.17 weekly high, followed by a test of the 100-day EMA.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 89.94 at the time of writing. Pair opened at 89.07 and is trading with a change of 0.98 % .

The pair is trading above its 20 Daily moving average @ 88.4, below its 50 Daily moving average @ 90.11 , below its 100 Daily moving average @ 90.59 and below its 200 Daily moving average @ 92.45

The previous day high was 89.36 while the previous day low was 88.84. The daily 38.2% Fib levels comes at 89.16, expected to provide support. Similarly, the daily 61.8% fib level is at 89.04, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 88.82, 88.57, 88.3
• Pivot resistance is noted at 89.34, 89.62, 89.87

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