- AUD/JPY remains depressed near 84.80 in the Asian session.
- More downside envisioned if price breaks below 84.60.
- Negative momentum oscillator reflects downward bias.
The AUD/JPY cross reserves a muted tone in the Asian session. The cross looks in an indecisive mode as it moves in a close trading range of 84.60 and 84.85.
At the time of writing, AUD/JPY is trading at 84.73, up 0.03% on the day.
AUD/JPY daily chart
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On the daily chart, the cross has been consolidating losses near the 61.8% Fibonacci retracement level at 84.60 from the lows of 83.93. If price breaches the mentioned level, then it would navigate toward May 6 low at 84.24.
The Moving Average Convergence Divergence (MACD) indicator reads below the midline, which hints at the continuation of the prevailing trend until the 84.00 horizontal support level.
Alternatively, if price breaches above the 50-hour Simple Moving Average (SMA), then it could meet the first hurdle at the 85.00 horizontal resistance level. On further moving higher AUD/JPY bulls could test the 23% Fibonacci retracement at 85.40, followed by Monday high at 85.40.
