Tests 93.00 level, next support at lower descending channel limit
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AUD/JPY tests the psychological support level at 93.00. The 14-day RSI remains above the 30 mark, reinforcing the prevailing bearish bias. The pair could test the primary barrier at the nine-day EMA of 93.78 AUD/JPY extends its losses for the second consecutive day, trading around 93.00 during Asian hours on Friday. A technical analysis of the daily chart shows that the currency cross remains within a descending channel, confirming a sustained bearish bias. The 14-day Relative Strength Index (RSI) remains above the 30 level, reinforcing the ongoing bearish sentiment. A drop below 30 would signal an oversold condition, potentially triggering an upward correction. Additionally, the AUD/JPY cross continues to trade below the nine-day Exponential Moving Average (EMA), indicating weak short-term price momentum. The AUD/JPY cross is testing the psychological support level at 93.00, followed by the lower boundary of the descending channel at 91.90. A decisive break below this channel could reinforce the bearish outlook, potentially driving the currency cross toward the 90.13 region—the lowest level since May 2023, last seen on August 5, 2024. On the upside, the AUD/JPY cross faces initial resistance at the nine-day EMA of 93.78. A breakout above this level could improve short-term price momentum, potentially driving the currency cross toward the upper boundary of the descending channel at the psychological level of 95.50, followed by the 50-day EMA at 95.91. AUD/JPY: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Euro. USD EUR GBP JPY CAD AUD NZD CHF USD -0.23% -0.04% -0.22% 0.04% 0.47% 0.38% -0.25% EUR 0.23% 0.19% 0.03% 0.27% 0.71% 0.61% -0.02% GBP 0.04% -0.19% -0.17% 0.07% 0.51% 0.42% -0.18% JPY 0.22% -0.03% 0.17% 0.26% 0.70% 0.61%…
Filed under: News - @ March 7, 2025 6:16 am