AUD/JPY Price Analysis: Bearish-engulfing candle emerges, sellers eye 97.00

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  • AUD/JPY's daily chart hints at a downtrend; Tenkan-Sen at 97.16 is key for bulls.
  • Breaking below 97.00 could see AUD/JPY test supports at 96.73, 96.31, 96.14, then 96.00.
  • Staying above 97.00, AUD/JPY eyes 97.88, 98.00, with further resistances at 98.58, 99.00.

The AUD/JPY reverses its course late in the North American session amid an upbeat market mood, which usually underpins risk-perceived currencies like the Aussie Dollar’s (AUD). Nevertheless, the Bank of Japan’s monetary policy decision, looming, keeps the Japanese Yen (JPY) in the driver’s seat, as the AUD/JPY exchanges hands at 97.28, down by 0.42%.

A ‘bearish-engulfing’ cancel chart pattern is emerging in the daily chart, suggesting the AUD/JPY might register a leg-down in the near term but it will find buyers at the Tenkan-Sen at 97.16, the first line of defense for bulls. If sellers take that level and push prices below the 97.00 figure, that will exacerbate further losses. The next support would be the Senkou Span A at 96.73, the Kijun-Sen at 96.31, and the Senkou Span B at 96.14. After that, sellers will encounter the 96.00 figure.

Conversely if AUD/JPY buyers keep the exchange rate from falling below the 97.00 figure, further upside is seen at 97.88, the January 22 high, ahead of the 98.00 mark. A breach of the latter will expose the November 15 high at 98.58, followed by the 99.00 figure.

AUD/JPY Price Action – Daily Chart

AUD/JPY Technical Levels

AUD/JPY

Overview
Today last price 97.29
Today Daily Change -0.47
Today Daily Change % -0.48
Today daily open 97.76
 
Trends
Daily SMA20 96.88
Daily SMA50 96.91
Daily SMA100 96.08
Daily SMA200 94.7
 
Levels
Previous Daily High 97.76
Previous Daily Low 97.28
Previous Weekly High 97.76
Previous Weekly Low 96.59
Previous Monthly High 98.07
Previous Monthly Low 93.73
Daily Fibonacci 38.2% 97.58
Daily Fibonacci 61.8% 97.46
Daily Pivot Point S1 97.43
Daily Pivot Point S2 97.11
Daily Pivot Point S3 96.95
Daily Pivot Point R1 97.92
Daily Pivot Point R2 98.09
Daily Pivot Point R3 98.41

 

 

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