AUD/JPY Price Analysis: Double top in place, targets 83.00

AUD/JPY: The break below 84.60 confirmed the double-top chart pattern, with 83.00 as the target.
AUD/JPY: The near-term trend is downward, but caution is warranted as the longer-term trend is up.

Christian Borjon Valencia FXStreet

The AUD/JPY slides to fresh weekly lows during the New York session, down 0.33%, trading at 83.90 at the time of writing. The market mood is upbeat, portrayed by global equities rising during the day. In the FX market, risk-off mood benefits safe-haven currencies like the Japanese yen and the Swiss franc.

Meanwhile, the US Dollar has been offered since the American session got underway, on the back of plunging US T-.boind yields, as investors take notice that the Federal Reserve would not raise rates at the pace expressed by market participants in the money markets.

AUD/JPY Price Forecast: Technical outlook

Daily chart

In the daily chart, the AUD/JPY broke below the neckline of a double-top at 84.60. Additionally, the 84.00 gave way to AUD/JPY sellers, which seem to be in control for the last couple of sessions. Despite that, in the near term, the cross-currency pair has a downward bias; the longer-term trend is up. The daily moving averages (DMA’s) remain below the spot price but would be at risk of being breached as they lie below the double-top target at 83.00, within the 81.80-82.80 range.

AUD/JPY TECHNICAL SUPPORT/RESISTANCE LEVELS

Overview
Today last price	83.99
Today Daily Change	-0.19
Today Daily Change %	-0.23
Today daily open	84.18

Trends
Daily SMA20	84.73
Daily SMA50	82.28
Daily SMA100	81.89
Daily SMA200	82.78

Levels
Previous Daily High	85.21
Previous Daily Low	83.9
Previous Weekly High	86.06
Previous Weekly Low	84.73
Previous Monthly High	86.26
Previous Monthly Low	79.9
Daily Fibonacci 38.2%	84.4
Daily Fibonacci 61.8%	84.71
Daily Pivot Point S1	83.65
Daily Pivot Point S2	83.12
Daily Pivot Point S3	82.33
Daily Pivot Point R1	84.96
Daily Pivot Point R2	85.74
Daily Pivot Point R3	86.28

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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