AUD/JPY Price Analysis: Focus on seven-week-old support near 84.00

• AUD/JPY struggles to keep rebound from 18-day low.
• Bearish MACD signals, failure to cross 20-day EMA keep sellers hopeful.
• 50-day EMA adds to the downside filters, late October’s swing low also challenges bulls.

AUD/JPY seesaws around 84.00 threshold after bouncing off the lowest levels since mid-October. In doing so, the cross-currency pair remains wobbles between the key support line and a short-term Exponential Moving Average (EMA) amid bearish MACD signals during the early Asian session on Tuesday.

Despite staying above an upward sloping support line from September 22, bearish MACD and the failure to cross 20-day EMA on a daily closing basis favor the pair sellers to attack the 83.95 trend line support level.

While a clear break of the 83.95 support directs the quote toward the 50-day EMA level of 83.15, any further weakness won’t hesitate to challenge the September’s peak surrounding the 82.00 round figure. During the fall, the 83.00 psychological level may offer an intermediate halt.

Alternatively, a daily close beyond 84.30, comprising the 20-day EMA, needs validation from the late October month’s swing low of 84.60 to recall the AUD/JPY buyers.

Following that, the 85.00 threshold and multiple hurdles around the 86.00-86.10 could challenge the pair’s further advances.

To sum up, AUD/JPY bears aren’t out of the woods despite Monday’s recovery moves.

AUD/JPY: Daily chart

Trend: Further weakness expected