The AUDJPY extended its losses to two-straight days courtesy of risk aversion. (Pivot Orderbook analysis)

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• The AUDJPY extended its losses to two-straight days courtesy of risk aversion.
• AUDJPY Price Analysis: Break below 94.00 could tumble the pair towards November’s low at 92.96.

The pair currently trades last at 94.15.

The previous day high was 95.2 while the previous day low was 94.37. The daily 38.2% Fib levels comes at 94.69, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.88, expected to provide resistance.

The AUDJPY dropped below the 50 and the 100-day Exponential Moving Averages (EMAs) on Wednesday, amidst a risk-off impulse courtesy of the US Republican Party failing to sweep the midterm elections, as speculations mounted that a Republican majority would suggest few major policy changes in the next two years. At the time of writing, the AUDJPY is trading at 94.14, registering minuscule gains as the Asian session begins.

The AUDJPY is range-bound, trapped within the 94.00-95.60 range for the last four trading days, unable to break above/below the range, even though market sentiment fluctuates, and kept global equities volatile. Of note, the Relative Strength Index (RSI) at 49 turned bearish, suggesting that sellers are gathering momentum. However, unless Japanese Yen buyers break beneath the AUDJPY 94.00, that would open the door for further losses. Otherwise, the cross-currency pair will remain subdued within the previously mentioned area.

During the last couple of days, the AUDJPY shifted neutral-to-downward biased in the near term. The AUDJPY Wednesday’s price action depicts the pair dived below the 50, 100, and 200-EMAs, laying the ground for further downside. So the AUDJPU path of least resistance is downwards. Further cementing the bearish bias case is the RSI at bearish territory and not even close to the 50-midline.

Hence, the AUDJPY’s first support would be the 94.00 psychological level. Break below will expose the S1 daily pivot at 93.84, followed by the S2 daily pivot level at 93.58.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 94.15 at the time of writing. Pair opened at 94.72 and is trading with a change of -0.6 % .

The pair is trading above its 20 Daily moving average @ 94.09, below its 50 Daily moving average @ 94.59 , below its 100 Daily moving average @ 94.25 and above its 200 Daily moving average @ 91.89

The previous day high was 95.2 while the previous day low was 94.37. The daily 38.2% Fib levels comes at 94.69, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.88, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 94.33, 93.94, 93.5
• Pivot resistance is noted at 95.15, 95.59, 95.98

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