- AUD/JPY inches lower in the Asian session.
- More downside envisioned if price decisively breaks 84.30.
- Negative momentum oscillator hints at bearish bias.
The AUD/JPY cross-currency pair extends the previous day’s losses on Friday. The pair opened higher but failed to hold onto the gains.
At the time of writing, AUD/JPY trades at 84.38, down 0.08% for the day.
AUD/JPY 4-hour chart
-637583681303996574.png)
On the 4-hour chart, the pair has been struggling to hold onto the positive territory and is expected to witness more downside momentum. A break of intraday low at 84.35 could bring AUD/JPY bears back in the picture with the first target at the 84.20 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator reads below the central line with a bearish crossover. Any downtick in MACD would allow bears to flex their muscle toward the May 24 low at 83.97 followed by the low’s of April 26 at 83.50.
Alternatively, if prices tick higher, then it could crawl back to the previous day high at 84.53 followed by the 50-hour SMA at 84.70.
The next area of resistance would be located near the 84.95 horizontal resistance level.
