AUD/JPY Price Analysis: Drops beneath 92.00, as bears eye the 200-DMA

• The AUD/JPY drops below the 100-day EMA and the 92.00 psychological figure.
• AUD/JPY Price Analysis: Hits a new weekly low at 91.67, about to test the 200-DMA.

Due to a risk-off impulse, the AUD/JPY slides below the 20-day Exponential Moving Average (EMA), eyeing the intersection of the 200 and 50-day EMA at around 91.55/60. However, as the Asian session begins, the AUD/JPY is trading at 91.84, registering minuscule gains of 0.08%.

The AUD/JPY peaked during the week at around 93.01 on Tuesday and has enjoyed a downtrend of two straight days since then. The AUD/JPY failure to break above the last week’s high of 93.03 exacerbated a downfall of 120 pips or 1.30%. Oscillators like the Relative Strength Index (RSI) is neutral, while the Rate of Change (RoC) suggests that sellers are gaining momentum. Therefore, in the near term, the AUD/JPY might print a leg-down.

The AUD/JPY first support would be the 20-day EMA at 91.75. A breach of the latter will expose the confluence of the 200 and 50-day EMA at around 91.55/60, that once cleared, would pave the way toward 91.00. The sellers’ next stop would be the February 10 daily low of 90.22.

As an alternate scenario, the AUD/JPY first resistance would be the 92.00 figure. Once broken, the AUD/JPY will threaten the February 22 daily high at 92.68, followed by 93.00.

AUD/JPY Daily chart

AUD/JPY Key technical levels