#AUDJPY @ 88.6780 seesaws within a tight range near the lowest levels in a fortnight after falling the most in six weeks., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- AUD/JPY seesaws within a tight range near the lowest levels in a fortnight after falling the most in six weeks.
- Clear downside break of 50-DMA, one-month-old ascending trend line keeps sellers hopeful.
- Looming bear cross on MACD also signals AUD/JPY downside as Australia’s Consumer Price Index data for Q1 and March loom.
The pair currently trades last at 88.6780.
The previous day high was 90.05 while the previous day low was 89.42. The daily 38.2% Fib levels comes at 89.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 89.66, expected to provide resistance.
AUD/JPY licks its wounds at the lowest levels in two weeks as the pair traders await Australia’s headline inflation data during early Wednesday. That said, the cross-currency pair seesaws around 88.70 after falling the most in six weeks the previous day.
The quote’s heavy fall on Tuesday could be linked to a break of the one-month-old ascending trend line and the 50-DMA. Adding strength to the downside bias could be the impending bear cross. However, the RSI (14) line is below 50 and hence suggests some bottom-picking in case the Aussie data offers a positive surprise.
As a result, the monthly low of around 87.60 gains major attention ahead of the late 2022 low of near the 87.00 round figure.
Following that, a south run towards refreshing the yearly low, currently around 86.05 can’t be ruled out.
On the flip side, the 21-DMA restricts immediate advances of the AUD/JPY pair around 89.25.
Should the quote rises past 21-DMA, the 50-DMA hurdle of around 89.75 and the previous support line surrounding 89.90 will precede the 90.00 psychological magnet to challenge the AUD/JPY pair buyers.
Even if the quote rises past the 90.00 round figure, a downward-sloping resistance line from September 2022, near 90.60, will be the key hurdle for the AUD/JPY bulls to cross before retaking control.
Trend: Further downside expected
Technical Levels: Supports and Resistances
AUDJPY currently trading at 88.69 at the time of writing. Pair opened at 89.88 and is trading with a change of -1.32% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 88.69 |
| 1 | Today Daily Change | -1.19 |
| 2 | Today Daily Change % | -1.32% |
| 3 | Today daily open | 89.88 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 89.24, 50 SMA 89.92, 100 SMA @ 90.38 and 200 SMA @ 92.32.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 89.24 |
| 1 | Daily SMA50 | 89.92 |
| 2 | Daily SMA100 | 90.38 |
| 3 | Daily SMA200 | 92.32 |
The previous day high was 90.05 while the previous day low was 89.42. The daily 38.2% Fib levels comes at 89.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 89.66, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 89.52, 89.16, 88.9
- Pivot resistance is noted at 90.15, 90.41, 90.77
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 90.05 |
| Previous Daily Low | 89.42 |
| Previous Weekly High | 90.78 |
| Previous Weekly Low | 89.40 |
| Previous Monthly High | 92.25 |
| Previous Monthly Low | 86.06 |
| Daily Fibonacci 38.2% | 89.81 |
| Daily Fibonacci 61.8% | 89.66 |
| Daily Pivot Point S1 | 89.52 |
| Daily Pivot Point S2 | 89.16 |
| Daily Pivot Point S3 | 88.90 |
| Daily Pivot Point R1 | 90.15 |
| Daily Pivot Point R2 | 90.41 |
| Daily Pivot Point R3 | 90.77 |
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