AUD/JPY Price Analysis: Doji around 92.80-93.30s suggests consolidation ahead

• Tuesday’s price action of the AUD/JPY formed a classic doji, meaning traders are undecided about the current trend.
• AUD/JPY: Break above 93.00 would exacerbate a rally: otherwise, a fall toward the 200-DMA is on the cards.

The Australian Dollar (AUD) reached a fresh 2-week high around 93.35 on Tuesday, though it retraced some of those gains and registered a daily close slightly above the 20-day Exponential Moving Average (EMA), sitting around 92.86. However, as the Asian Pacific session begins, the AUD/JPY is trading at 92.90, printing minuscule losses of 0.03%.

AUD/JPY Price Analysis: Technical outlook

From the daily chart, the AUD/JPY remains neutral though slightly tilted to the downside. Most Exponential Moving Averages (EMAs) concentrated around the 92.87-93.42 area, above the exchange rate, suggesting the AUD/JPY might fall in the near term. Additionally, Tuesday’s full price action forming a classic “doji,” portrays the indecision of buyers and sellers. Investors should be aware that the Relative Strength Index (RSI) is in bearish territory, almost flat, while the Rate of Change (RoC) shows buying pressure begins to build up.

Therefore, upwards, the AUD/JPY first resistance would be the psychological 93.00. Break above will expose the confluence of the 50-day EMA and the December 13 daily high at around 93.35, followed by the 94.00 figure, ahead of the October 21 swing high of 95.73.

On the flip side, the AUD/JPY first support would be the 93.00 mark. A breach of the latter will exacerbate a fall toward the 200-day Exponential Moving Average (EMA) at 92.01, followed by the October 13 swing low of 90.83, followed by the August 2 daily low of 90.52.

AUD/JPY Key Technical Levels