AUD/JPY Price Analysis: Bears push lower as key support approaches
- AUD/JPY was seen trading around the 94.50 zone ahead of the Asian session, marking its second consecutive decline.
- The 20-day SMA near 94.00 is coming into focus, with a break below signaling a potential shift in sentiment.
- Traders should monitor the RSI as it approaches the 50 mark, as a drop below could reinforce bearish momentum.
AUD/JPY extended its decline on Wednesday ahead of the Asian session, slipping toward the 94.50 area after a second consecutive day in the red. The retreat comes after the pair struggled to maintain momentum above recent highs, suggesting a cooling of bullish sentiment.
The Relative Strength Index (RSI) is declining, now hovering near the neutral 50 mark. A move below this threshold could indicate growing bearish pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing flat green bars, signaling waning upside momentum.
The immediate support level is located at the 20-day Simple Moving Average (SMA) near 94.00, a key level that, if breached, could open the door for further declines. Below that, additional support lies at 93.50. On the upside, resistance is seen at 95.00, followed by a more significant barrier near 96.00.
AUD/JPY daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
