AUD/JPY Price Analysis: Attempts to cross 38.2% Fibo retracement, 50-EMA a critical hurdle

• Failing to overstep 38.2% Fibo retracement at 93.23 will bring a fresh downside move.
• The confluence of the trendline and the 50-EMA will act as major resistance for the aussie bulls.
• A death cross, represented by the 50- and 200-EMA adds to the downside filters.

The AUD/JPY pair is attempting to recapture the territory above the critical hurdle of 93.00 after sensing a buying action from Tuesday’s low at 92.45.  The risk barometer faced extreme selling in the last week after failing to kiss the round-level resistance of 97.00.

On an hourly scale, the aussie bulls are attacking the 38.2% Fibonacci retracement (which is placed from May 12 low 87.31 to June 8 high at 96.89) at 93.23. The downwards sloping trendline placed from June 8 average traded price at 96.71 will act as a major resistance for the counter. Also, the confluence of the 50-period Exponential Moving Average (EMA) with the trendline at 93.47 will strengthen the trendline hurdle.

A death cross, represented by the 50- and 200-EMAs at 94.55 is indicating more weakness in the counter.

Meanwhile, the Relative Strength Index (RSI) (14) has bounced from 40.00, which indicates a sideways movement.

A decisive move above the round-level resistance of 94.00 will drive the asset towards a 23.6% Fibo retracement at 94.63, followed by Friday’s high at 95.54.

On the flip side, the Japanese bulls could regain control if the asset drops below Tuesday’s low at 92.45, which will send the asset towards a 50% Fibo retracement at 92.11. A breach of the latter will expose the asset to more downside towards May 31 low at 91.59.

AUD/JPY hourly chart