Technical Analysis – AUDJPY bearish trajectory strengthens with dip below 81 level
- Anthony Charalambous
AUDJPY’s recent selloff, which started just below the 83.00 level has extended below the 81.00 handle. The bearish 50- and 100-period simple moving averages (SMAs) are endorsing the drop in the pair. Additionally, a negative crossover of the 200-period SMA by the 50-period one would be another bearish signal, which could confirm elevated selling in the pair.
The diving Ichimoku lines are indicating selling forces are dominating, while the short-term oscillators are skewed to the downside, but are reflecting a minor pause in downward impetus. The MACD, in the negative region, is declining beneath its red trigger line, while the downward drive in the RSI and stochastic lines, which freshly dipped into their oversold territories, is stalling a tad.
If the current price direction persists, the 80.19-80.48 support section could attempt to provide buyers with footing. However, should this boundary fail to dismiss extra loss of ground, the pair may meet the 79.83 barrier. In the event this obstacle breaks down too, traders’ eyes could then turn to the 78.76-78.83 support belt, which is connected to the September and December 2021 troughs.
If buyers re-emerge and step over the 81.00 hurdle, initial upside constraints could evolve around the 81.25 and 81.47 levels. If buying interest persists, the 81.82 and 82.07 highs could come under fire. From here, buyers would need to push north of the converging 200- and 50-period SMAs at 82.36 and 82.46 in order to tackle the Ichimoku cloud and try and reignite upside momentum.Summarizing, AUDJPY is exhibiting a bearish tone beneath the SMAs and the 81.82 high. A break below the 80.19-80.48 border could reinforce negative tendencies, while a price climb beyond the region of highs between the 100-period SMA and the 83.07 level would be necessary to reinstate a neutral-to-bullish demeanour in the pair.
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