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AUD/JPY continues its dip, reaching a low below 100, the lowest level since April. The short-term bearish trend continues to intensify as the pair records a fifth losing day. The 200-day SMA near 100.00 is the last barrier to avoiding further losses. In Thursday’s session, the AUD/JPY pair extended its decline, with a fall of 0.54% to reach 100.55 and hit a low of 99.22. This affirms the control of the sellers and further solidifies the bearish short-term outlook as the pair hits a new seasonal low. The daily Relative Strength Index (RSI) pair has decreased to 21, pointing toward an ever-increasing bearish momentum. Along with this, the Moving Average Convergence Divergence (MACD) continues to print flat red bars, suggesting a constant selling activity but indicators hinting at oversold conditions may suggest that a correction looms. AUD/JPY daily chart Looking at the wider perspective, the short-term bearish momentum of AUD/JPY seems to persevere. After ceding the 100-day Simple Moving Average (SMA), the pair encountered considerable support at the 200-day SMA, where sellers were quickly shunned, hinting at an imminent correction as the pair entered the oversold territory. Going forward, the pair needs to keep a foothold at the 200-day SMA at 100.00, a strong support level. Other levels to watch on the downside include the areas around 99.50 and 99.30. For any possibility of recovery, buyers should aim to regain the ground above the immediate resistance at 101.00 and then target the 102.70 area where the 100-day SMA converges to offset potential losses. Source: https://www.fxstreet.com/news/aud-jpy-price-analysis-continues-to-fall-awaits-possible-correction-202407252101

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Filed under: News - @ July 26, 2024 1:24 am