#AUDJPY @ 91.0350 snaps four-day winning streak, stays pressured around intraday low of late., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/JPY snaps four-day winning streak, stays pressured around intraday low of late.
• Descending trend line from September 2022 challenges buyers.
• Impending bearish moving average crossover keeps sellers hopeful despite bullish MACD signals.

The pair currently trades last at 91.0350.

The previous day high was 91.67 while the previous day low was 90.95. The daily 38.2% Fib levels comes at 91.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 91.22, expected to provide resistance.

AUD/JPY takes a U-turn from the short-term key resistance line while snapping four-day uptrend during early Thursday, down 0.45% intraday near 91.10 by the press time. In doing so, the cross-currency pair also teases a bearish moving average crossover on the daily chart.

That said, the 100-DMA knocks the 200-DMA from above and suggests the AUD/JPY pair’s further downside. However, a daily closing of the 100-DMA beneath the 200-DMA becomes necessary to confirm the bearish signal.

Following that, October 2022 low near 90.85 and the 90.00 round figure could lure the pair sellers.

However, a three-week-old ascending support line near 87.70 and the previous monthly low near the 87.00 round figure could challenge the bears afterward.

Meanwhile, recovery moves must provide a daily close beyond the descending resistance line from September, close to 91.60, to convince AUD/JPY buyers.

Even so, a convergence of the aforementioned key moving averages, around 93.20-30 by the press time, appears a tough nut to crack for the bulls.

In a case where AUD/JPY remains firmer past 93.30, the odds of witnessing a run-up towards the October 2022 peak surrounding 95.75 can’t be ruled out.

Overall, AUD/JPY is likely to witness further downside unless the quote crosses the 91.60 hurdle.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 91.13 at the time of writing. Pair opened at 91.53 and is trading with a change of -0.44% % .

The pair is trading above its 20 Daily moving average @ 90.07, below its 50 Daily moving average @ 92.0 , below its 100 Daily moving average @ 93.33 and below its 200 Daily moving average @ 93.22

The previous day high was 91.67 while the previous day low was 90.95. The daily 38.2% Fib levels comes at 91.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 91.22, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 91.1, 90.66, 90.37
• Pivot resistance is noted at 91.82, 92.11, 92.54

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