AUD/JPY Price Analysis: Attempts to pass the 38.2% Fibo retracement; the 50-day exponential moving average (EMA) is a crucial obstacle

After feeling a buying activity from Tuesday's low of 92.45, the AUD/JPY pair is aiming to reclaim the territory above the crucial barrier of 93.00. After failing to touch the round-level resistance of 97.00 over the previous week, the risk barometer experienced significant selling.

On an hourly scale, the aussie bulls are approaching the 38.2 percent Fibonacci retracement at 93.23, which is located between the low of May 12 (87.31) and the high of June 8 (96.89). The downward-sloping trendline drawn from the average traded price on June 8 of 96.71 will serve as the counter's primary point of resistance. In addition, the intersection of the 50-period Exponential Moving Average (EMA) with the trendline at 93.47 will bolster the trendline barrier.

At 94.55, the 50- and 200-day exponential moving averages (EMAs) have formed a death cross, indicating further weakening in the currency.

Meanwhile, the Relative Strength Index (RSI) (14) has rebounded from 40.00, indicating a trend in a horizontal direction.

A decisive rise above the round-level resistance of 94.000 will propel the asset towards a 23.6% Fibonacci retracement at 94.63, followed by Friday's high at 95.54.

In contrast, the Japanese bulls could regain control if the asset falls below Tuesday's low of 92.45, which will send it to a 50 percent Fibonacci retracement at 92.11. A violation of this level would expose the asset to more losses towards the May 31 low of 91.59.