AUD/JPY Price Analysis: Stays pressured towards 92.40 support

• AUD/JPY holds lower ground after failing to cross the 200-DMA, 21-DMA.
• Three-month-old descending trend line also exerts downside pressure on prices.
• Bullish MACD signals, short-term upward-sloping support line challenge AUD/JPY sellers.

AUD/JPY takes offers to refresh intraday low around 92.80 during early Thursday, after failing to cross the key hurdles in the last two days.

In doing so, the AUD/JPY pair justifies the latest failure to cross the 21-DMA, the 200-DMA and a downward-sloping resistance line from early September ahead of Australia’s employment report and Consumer Inflation Expectations.

Given the quote’s repeated failures to cross the aforementioned key hurdles, the cross-currency pair is likely to decline toward an eight-day-old ascending support line, near 92.40.

However, the bullish MACD signals suggest a lesser downside gap past 92.40, which if broken will highlight the 92.00 threshold for the AUD/JPY pair sellers.

In a case where the cross-currency pair remains weak past 92.00, the monthly low near 91.15 and October’s trough surrounding 90.85 could challenge the bears before directing them to the 90.00 psychological magnet.

Alternatively, the 21-DMA and the descending trend line from September, respectively around 92.90 and the 93.00 round figure, guard the AUD/JPY pair’s short-term upside ahead of the 200-DMA resistance near 93.25.

Should the AUD/JPY manages to cross the 93.25 hurdle, multiple levels near 94.10-15 could challenge the bulls.

AUD/JPY: Daily chart

Trend: Limited downside expected