AUD/JPY Price Analysis: Hovering above a key support area

Guillermo Alcala FXStreet

AUD/JPY has reached a key support area at 90.20/40.
The activation of potential H&S formation might send the pair to 84.00 or lower.

The Australian dollar has been going through a steady downward trend against the Japanese yen over the last weeks, weighed by the negative market sentiment.

The Aussie dollar has now reached an important support area at 91.29/40 area, which contained bears in late May and early June and also prompted the recovery from the August 2 low.

In this case, the mentioned area corresponds with the neckline of a potential Head & Shoulders figure (as shown in the following daily chart), which might send the pair down to the 84.00 area.

On the upside, a successful breach of the 94.60 resistance area (October 4,6 highs) would ease downside pressure and probably increase bullish momentum to aim for 96.45 (September 20, 22 highs) before retesting September’s peak at 98.60.

AUD/JPY Daily Chart

Technical levels to watch

AUD/JPY

Overview
Today last price	92.14
Today Daily Change	0.63
Today Daily Change %	0.69
Today daily open	91.51

Trends
Daily SMA20	94.12
Daily SMA50	94.67
Daily SMA100	94.15
Daily SMA200	90.7

Levels
Previous Daily High	92.33
Previous Daily Low	91.08
Previous Weekly High	94.7
Previous Weekly Low	92.41
Previous Monthly High	98.58
Previous Monthly Low	92.13
Daily Fibonacci 38.2%	91.56
Daily Fibonacci 61.8%	91.85
Daily Pivot Point S1	90.95
Daily Pivot Point S2	90.38
Daily Pivot Point S3	89.69
Daily Pivot Point R1	92.21
Daily Pivot Point R2	92.9
Daily Pivot Point R3	93.46

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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