On Thursday, the AUDJPY pair at a rate of 93.8080 has garnered interest from buyers and is maintaining stability near the 94.00 level.
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- AUD/JPY attracts some buyers and holds ground near the 94.00 mark on Thursday.
The pair currently trades last at 93.8080.
The previous day high was 94.9 while the previous day low was 93.59. The daily 38.2% Fib levels comes at 94.09, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.4, expected to provide resistance.
The AUD/JPY cross recovers some lost ground and hovers around the 94.00 mark heading into the early European trading hours on Thursday. The cross currently trades around 94.07, gaining 0.37% for the day.
The stronger Chinese data on Thursday offset the disappointing Australian economic data. That said, China’s Caixin Services PMI climbed to 54.1 in July from 53.9 prior, better than the market consensus of 52.5. The upbeat Chinese economic figure could benefit the China-proxy Australian Dollar (AUD) against its rivals.
From a technical perspective, AUD/JPY trades within a descending trend channel line from the middle of June on the four-hour chart. That said, the path of least resistance for the AUD/JPY is to the downside as the cross holds below the 50- and 100-hour Exponential Moving Averages (EMAs).
95.50 acts as the immediate resistance level for AUD/JPY. The mentioned level indicates the upper boundary of a descending trend channel and a high of August 1. The next barrier to watch is 96.85 (High of July 4) en route to 97.60 (YTD high).
On the downside, the cross will meet an initial support level at 93.30 (Low of July 12). The next downside stop appears at 92.60 (Low of July 28) and 92.40 (the lower limit of a descending trend channel). A break below the latter will see a drop to 92.15 (Low of June 6).
It’s worth noting that the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) hold in bearish territory, supporting the sellers for now.
Technical Levels: Supports and Resistances
AUDJPY currently trading at 93.99 at the time of writing. Pair opened at 93.72 and is trading with a change of 0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 93.99 |
| 1 | Today Daily Change | 0.27 |
| 2 | Today Daily Change % | 0.29 |
| 3 | Today daily open | 93.72 |
The pair is trading below its 20 Daily moving average @ 94.71, below its 50 Daily moving average @ 94.6 , above its 100 Daily moving average @ 92.14 and above its 200 Daily moving average @ 91.93
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 94.71 |
| 1 | Daily SMA50 | 94.60 |
| 2 | Daily SMA100 | 92.14 |
| 3 | Daily SMA200 | 91.93 |
The previous day high was 94.9 while the previous day low was 93.59. The daily 38.2% Fib levels comes at 94.09, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.4, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 93.24, 92.76, 91.93
- Pivot resistance is noted at 94.55, 95.38, 95.86
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 94.90 |
| Previous Daily Low | 93.59 |
| Previous Weekly High | 95.86 |
| Previous Weekly Low | 91.79 |
| Previous Monthly High | 96.84 |
| Previous Monthly Low | 91.79 |
| Daily Fibonacci 38.2% | 94.09 |
| Daily Fibonacci 61.8% | 94.40 |
| Daily Pivot Point S1 | 93.24 |
| Daily Pivot Point S2 | 92.76 |
| Daily Pivot Point S3 | 91.93 |
| Daily Pivot Point R1 | 94.55 |
| Daily Pivot Point R2 | 95.38 |
| Daily Pivot Point R3 | 95.86 |
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