#AUDJPY @ 92.284 Aussie bulls have driven the asset into the highest auction area in a 92.16-94.74 range. (Pivot Orderbook analysis)

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• Aussie bulls have driven the asset into the highest auction area in a 92.16-94.74 range.
• An establishment above the 20-EMA indicates that the short-term trend has turned bullish.
• The emerging risk-on profile adds to the upside filters.

The pair currently trades last at 92.284.

The previous day high was 92.42 while the previous day low was 91.29. The daily 38.2% Fib levels comes at 91.99, expected to provide support. Similarly, the daily 61.8% fib level is at 91.72, expected to provide support.

The AUD/JPY pair has sensed fresh demand from the round-level cushion of 92.00 in the Tokyo session. The current momentum in the cross is expected to drive the asset above the immediate hurdle of 92.42 as the risk-on profile is emerging in the market.

On a four-hour scale, the cross has entered into the prior highest auction area, which is considered the recent most traded range. The balanced profile is plotted in a range of 92.16-94.74. Entry of the asset in the highest auction area indicates that the asset is challenging the inventory adjustment phase and a make-or-break move is expected ahead.

The cross has comfortably established above the 20-period Exponential Moving Average (EMA) at 92.00. While the 50-EMA at 92.61 is still far from reach.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted its range into the 40.00-60.00 zone from the bearish range of 20.00-40.00, which indicates that the cross is not bearish anymore.

Going forward, a break above Wednesday’s high at 92.42 will drive the asset towards October 5 low at 92.93, followed by September 30 high at 94.22.

On the flip side, a drop below Wednesday’s low at 91.29 will drag the asset toward the August 2 low at 90.52. If the asset surrenders the 90.52 cushion, yen bulls will further drag the asset toward the psychological support of 90.00.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 92.29 at the time of writing. Pair opened at 92.22 and is trading with a change of 0.08 % .

The pair is trading below its 20 Daily moving average @ 93.91, below its 50 Daily moving average @ 94.66 , below its 100 Daily moving average @ 94.17 and above its 200 Daily moving average @ 90.75

The previous day high was 92.42 while the previous day low was 91.29. The daily 38.2% Fib levels comes at 91.99, expected to provide support. Similarly, the daily 61.8% fib level is at 91.72, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 91.53, 90.85, 90.4
• Pivot resistance is noted at 92.66, 93.11, 93.79

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