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- AUD/JPY Price Analysis: Bears approach 92.00 on rising wedge confirmation
AUD/JPY Price Analysis: Bears approach 92.00 on rising wedge confirmation
- AUD/JPY remains on the back foot for the third consecutive day.
- MACD signals back the confirmation of a bearish chart pattern to keep sellers hopeful.
- Sustained trading below the key SMAs also suggests further weakness.
AUD/JPY rejects late Friday’s corrective pullback by extending the downside move towards 92.00, around 92.20 during the initial hour of Monday’s Asian session.
The risk barometer pair confirmed the rising wedge bearish chart pattern the previous day, which in turn gained support from the bearish MACD signals to direct the south-run towards the 92.00 threshold.
Following that, the 91.55-50 area comprising multiple lows marked in the last week may offer an intermediate halt during the fall towards the previous month’s low surrounding 90.45.
In a case where the AUD/JPY prices remain weak past 90.45, the 90.00 round figure and the theoretical target surrounding 89.00 could lure the bears.
Meanwhile, any recovery remains elusive until crossing the 200-SMA level of 92.76. Before that, the 50-SMA and the support line of the wedge, respectively around 92.42 and 92.65, can restrict the immediate downside.
Even if the AUD/JPY pair manage to cross the 200-SMA, 61.8% Fibonacci Retracement of late April’s downside and the upper line of the stated wedge, close to 93.75 and 94.25 in that order, will challenge the bulls.
Overall, AUD/JPY has a further downside to track while the latest rising wedge adds strength to the bearish bias.
AUD/JPY: Four-hour chart
Trend: Further weakness expected
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