Chart - Courtesy Trading View
Technical Analysis: Bias Neutral
- AUD/JPY was trading 0.34% higher on the day at 93.35 at around 12:15 GMT.
- The pair has bounced off 50-DMA and cloud top support, further weakness only on break below
- A Doji formation on Tuesday's candle suggests strong buying at lows and reluctance of bears to take the price lower
- Major trend as evidnced by the GMMA indicator is bullish, but near-term bias is still bearish
- MACD is on verge of bearish crossover on signal line, which if confirmed will drag the pair lower
Support levels:
S1: 92.35 (50-DMA)
S2: 91.59 (55-EMA)
Resistance levels:
R1: 93.87 (5-DMA)
R2: 94.68 (200H MA)
Summary: AUD/JPY finds strong support at 50-DMA and cloud top, but bullish reversal only on decisive break above 5-DMA.
