AUD/JPY Price Analysis: Bears attack 92.00 with eyes on multi-day-old support line

• AUD/JPY remains pressured after reversing from monthly resistance line.
• Bearish MACD signals, downbeat RSI adds strength to the downside bias.
• 100-day EMA act as additional support, bulls need validation from April’s peak.

AUD/JPY remains on the back foot at around 92.00 as sellers keep the previous day’s U-turn from the monthly resistance line during Wednesday’s sluggish Asian session.

In addition to the pullback from the key resistance line, bearish MACD signals and the downward sloping RSI (14), not oversold, also favor sellers to expect further downside.

However, an upward sloping support line from January 28 and the 100-day EMA, respectively near 91.00 and 90.70, could challenge the AUD/USD bears.

In a case where AUD/JPY drops below 90.70, the 90.00 threshold may probe the sellers before directing them to May’s low of 87.30.

On the flip side, recovery remains elusive until the quote stays below the one-month-old descending resistance line, around 93.85 at the latest.

Even so, the late June swing low and April’s high, respectively near 95.30 and 95.75 in that order, could challenge the AUD/JPY bulls before questioning the yearly high of 96.88.

Overall, AUD/JPY remains pressured towards the key support with limited downside expected. However, sour sentiment and recession fears can drown the risk-barometer pair.

AUD/JPY: Daily chart

Trend: Further downside expected