AUD/JPY Price Analysis: Bears take control but pair holds above 92.00
- AUD/JPY was seen trading around the 92.80 zone ahead of the Asian session, pulling back after two consecutive days of gains.
- Despite the decline, the pair remains above the 92.00 threshold, with technical indicators still in negative territory.
- Sideways trading could persist above 92.00 as the market awaits fresh momentum, with resistance at 93.50 and support at 92.00.
AUD/JPY fell on Thursday ahead of the Asian session, reversing some of the gains from earlier in the week. The pair dropped toward the 92.80 area, reflecting renewed bearish momentum after a brief period of buying pressure. While sellers regained control, the pair remains above the key 92.00 threshold, suggesting that a period of consolidation might be ahead.
Looking at technical indicators, the Relative Strength Index (RSI) is declining sharply within the negative zone, indicating weakening bullish strength. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing decreasing red bars, reinforcing the view that downside pressure persists. However, the pair still trades within a broader range, limiting immediate downside risks.
For now, support remains firm at 92.00, a level that has provided a strong floor in recent sessions. A break below could accelerate bearish momentum toward 91.50. On the upside, resistance is seen around 93.50, where sellers have consistently stepped in. If AUD/JPY remains above 92.00, the pair could trade sideways in the near term before finding a clearer directional bias.
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.
