The AUD/JPY rallied sharply on upbeat market sentiment and hit a three-week high at 90.05 but retreated somewhat towards the end of Monday’s session. As the Asian session begins, the AUD/JPY is trading at 89.81
AUD/JPY Price action
On Monday, the AUD/JPY pair tested the 50-day Exponential Moving Average (EMA)at 89.93 but could not hold to its gains above the latter. Additionally, it tested an upslope previous support trendline and turned resistance, which capped AUD/JPY’s upward move. Oscillators like the Relative Strength Index (RSI) at bullish territory shifted flat, suggesting buyers are taking a respite. The Rate of Change (RoC) portrays that buying pressure is cooling. Hence, the AUD/JPY might consolidate in the near term.
The AUD/JPY must crack the 50-day EMA and the 90.00 figure for a bullish continuation. Once cleared, the AUD/JPY could test the 100-day EMA at 90.78 before approaching the 200-day EMA at 91.04. In an alternate scenario, a bearish one, the AUD/JPY first support would be the 20-day EMA at 89.04. Break below, and the AUD/JPY will head toward the week’s low of 88.55, ahead of challenging 88.00.
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