|

AUD/JPY Price Forecast: Tests 93.00 support, eyes on descending channel’s lower boundary

  • AUD/JPY could target the lower boundary of the descending channel after a successful break below the 93.00 level.
  • The 14-day RSI is positioned on the 30 mark, signaling an oversold condition and suggesting a potential upward correction.
  • The pair could find the primary barrier at the nine-day EMA of 94.46.

AUD/JPY remains tepid for the fourth successive session, trading around 93.00 during the Asian hours on Friday. A review of the daily chart shows the currency cross moving downwards within a descending channel pattern, indicating the strengthening bearish bias.

The 14-day Relative Strength Index (RSI) sits at the 30 level, signaling an oversold condition and a potential upward correction in the near term. Additionally, the AUD/JPY cross remains below the nine-day Exponential Moving Average (EMA), highlighting weak short-term price momentum.

The AUD/JPY cross tests the immediate support at the 93.00 level, followed by the lower boundary of the descending channel at 92.50. A break below the channel could reinforce the bearish bias and put downward pressure on the currency cross to navigate the region around 90.13, the lowest since May 2023, last seen on August 5, 2024.

On the upside, the AUD/JPY cross could target the primary barrier at the nine-day EMA of 94.46. A break above this level could improve the short-term price momentum and support the pair to approach the upper boundary of the descending channel at the psychological level of 96.00, followed by the 50-day EMA at 96.45.

AUD/JPY: Daily Chart

Australian Dollar PRICE Today

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar.

 USDEURGBPJPYCADAUDNZDCHF
USD 0.18%0.25%0.00%-0.02%0.40%0.63%0.02%
EUR-0.18% 0.07%-0.19%-0.19%0.21%0.44%-0.17%
GBP-0.25%-0.07% -0.24%-0.26%0.15%0.38%-0.25%
JPY0.00%0.19%0.24% 0.00%0.40%0.62%-0.01%
CAD0.02%0.19%0.26%-0.01% 0.40%0.64%0.00%
AUD-0.40%-0.21%-0.15%-0.40%-0.40% 0.23%-0.39%
NZD-0.63%-0.44%-0.38%-0.62%-0.64%-0.23% -0.63%
CHF-0.02%0.17%0.25%0.00%-0.00%0.39%0.63% 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

More from Akhtar Faruqui
Share:

Editor's Picks

EUR/USD breaks below 1.1800, two-week lows

EUR/USD’s selling pressure is gathering pace now, breaching below the key 1.1800 yardstick to hit new two-week troughs on Wednesday. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and ahead of the publication of the FOMC Minutes.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.