Downward pressures resume, pair closes its weakest week since April – Crypto News – Crypto News
Connect with us
AUD/JPY renews weekly top around 95.00 on China stimulus, cautious optimism ahead of Jackson Hole AUD/JPY renews weekly top around 95.00 on China stimulus, cautious optimism ahead of Jackson Hole

others

Downward pressures resume, pair closes its weakest week since April – Crypto News

Published

10 months ago

on

  • AUD/JPY resumes decline, falling to 105.25, marking one of the lowest levels in over a month.
  • The recovery experienced on Thursday was short-lived as selling pressures resumed, augmenting the prevalent negative outlook.

In Friday’s session, the AUD/JPY pair has resumed its downtrend, declining by 0.20% to reach 105.25. The resumption of this bearish trend suggests that the rebound registered previously on Thursday may have been more corrective rather than indicative of a trend reversal. This sustains the dominance of the bears and reinforces the existing negative outlook as the pair will close a 1.60% weekly loss.

The daily Relative Strength Index (RSI) for AUD/JPY currently stands at 42, slightly below Thursday’s value, suggesting a continuation of the negative momentum. The similar pattern in the Moving Average Convergence Divergence (MACD) that continues to print rising red bars, suggests a continuation of the selling activity, despite the minor rebound seen previously.

AUD/JPY daily chart

On a broader perspective, the AUD/JPY’s short-term bearish trajectory seems to persist, with its price remaining below the 20-day Simple Moving Average (SMA). Looking ahead, immediate support levels appear to have formed around the 105.00 mark, which the buying pressure needs to maintain to fend off a deeper correction. To moderate further potential losses, bulls must aim for the recovery of the 106.00, and subsequently, the 106.50 mark.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending