The AUDJPY currency pair has experienced a decline for three consecutive days, dropping below a support trendline that has been in place for five months at the 93.40/50 level. Despite this, it has managed to gain a minimal increase of 0.05%.

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• AUD/JPY extends losses for three straight days, breaking below a five-month support trendline at 93.40/50, registering marginal gains of 0.05%.

The pair currently trades last at 93.3500.

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 broke below a five-month-old support trendline at around 93.40/50 and extended its losses to three straight days, with the pair getting deep inside the Ichimoku Cloud (Kumo), about to turn bearish as the Asian session begins. At the time of writing, the AUD/JPY is trading at 93.37, registering minuscule gains of 0.05%.

From a daily chart perspective, the AUD/JPY remains downward biased, with price action already below the Kijun and Tenkan- Sen lines, while the Chikou Span lies below the June 30 low, which sits at 95.59. In addition, the AUD/JPY breaking below a support trendline confirms that sellers are gathering momentum following the Bank of Japan (BoJ) decision to tweak the Yield Curve Control (YCC).

That said, AUD/JPY traders must be aware of volatility levels increasing in most Japanese Yen (JPY) pairs. Also, the AUD/JPY would remain subject to market sentiment, which could turn worse, if global equities continue to drop.

Hence, the AUD/JPY path of least resistance is downwards. The first support would be the bottom of the Kumo at 92.78, which once cleared, could pave the way to test the July 28 low at 91.78. Conversely, if AUD/JPY achieves a daily close above the Tenkan-Sen at 93.82, that will set a move towards 94.00. Further upside, could put in risk, Thursday’s high of 94.08.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.39 at the time of writing. Pair opened at 93.72 and is trading with a change of -0.35 % .

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

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

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