AUD/JPY Price Analysis: Bears attack 50-DMA, monthly support, focus on 82.50

• AUD/JPY fades bounce off one-week low, battles short-term key support.
• Downbeat RSI, receding bullish bias of MACD also teases sellers.
• Ascending trend line from early December add to the downside filters, bulls need to cross seven-week-old resistance to regain controls.

AUD/JPY remains on the back foot around 82.70, down for the second consecutive day on fading bounce off weekly low. That said, the quote short-term key hurdles to the further downside during the mid-Asian session on Friday.

Despite offering a daily close beyond the 50-DMA and one-month-old rising trend line the previous day, AUD/JPY drops back to the same support confluence surrounding 82.50 on Friday.

In addition to the pullback towards crucial support, the downbeat RSI line and the recently weaker MACD signals also favor the pair sellers to aim for a below 82.50 area.

In doing so, the upward sloping trend line from early December 2021, near 81.20, will be an important support to watch. However, the 82.00 threshold may act as an intermediate halt.

Alternatively, recovery moves may initially aim for 83.00 and 83.30 but AUD/JPY bulls remain unconvinced below a seven-week-long resistance line, around 83.85 by the press time.

Should the risk barometer pair rise past 83.85, it can rally towards January’s high of 84.30.

AUD/JPY: daily chart

Trend: Further weakness expected