AUD/JPY Price Analysis: Refreshes fortnight low as sellers attack 93.50 key support

• AUD/JPY remains pressured around two-week low, extends the previous day’s losses.
• 50-DMA, six-month-old ascending trend line restricts immediate downside.
• MACD teases bears but 100-DMA acts as an extra filter to the south.

AUD/JPY bears keep reins around the lowest levels in two weeks as they poke 93.45 during early Friday morning in Europe.

In doing so, the cross-currency pair extends the previous day’s losses while pushing bears to attack the crucial support confluence near 93.50, comprising the 50-DMA and an upward sloping trend line from January. It should be noted that the MACD also lures bears and adds strength to the downside bias.

Even so, the 100-DMA support around 92.45 can test the AUD/JPY bears before directing them to the monthly low near 91.40.

It should be noted that the mid-May swing high around 91.20 could challenge sellers past 91.40, a break of which could quickly fetch the quote towards the 90.00 threshold.

Alternatively, recovery remains elusive below March’s high near 94.35.

Following that, a horizontal area comprising multiple levels marked since April 20, close to 95.85 will be a tough nut to crack for the AUD/JPY bulls.

In a case where the pair successfully crosses the 95.85 hurdle, the odds favoring its run-up towards the yearly peak of 96.88 can’t be ruled out.

AUD/JPY: Daily chart

Trend: Further weakness expected