- AUD/JPY accumulates losses in the Asian session.
- More downside if price breaks below 84.70
- Oversold momentum oscillator caution on aggressive bids.
The AUD/JPY cross is trading in negative territory on the first day of the fresh week. The cross opened above the 85 mark. However, not able to hold onto the gains and move south while touching the session’s low at 84.74.
At the time of writing, the AUD/JPY cross is trading at 84.80, down 0.25% on the day.
AUD/JPY 4-hour chart
On the 4-hour chart, the cross has been accumulating losses near the 85.15 mark. The cross approaches the 20-hour Simple Moving Average (SMA) at 84.76. If price breaks below the mentioned level, then the next stop for price would be the 84.55 horizontal support level.
Market participants would next target for Thursday’s low at 84.29.
The oversold Moving Average Divergence (MACD) indicator suggests the stretched selling opportunities. Any uptick could reverse price towards the 84.95 horizontal resistance zone followed by Wednesday’s high at 85.26.
The next area of resistance could be Tuesday’s high at 85.44.