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AUD/JPY Price Analysis: Losing Ground Near 94.50, Targeting 95.00
AUD/JPY remains defensive near the 94.50 level. The Relative Strength Index (RSI) confirms the cross's directionless movement. The key resistance level is near 95.00, and the key support level is near 94.00.
The AUD/JPY pair struggles to obtain traction on Tuesday and is on the defensive near 94.50 during the early Asian session.
On the four-hour chart, AUD/JPY trades below a downward-sloping channel from a technical standpoint. The Relative Strength Index (RSI) remains between 40 and 60, reinforcing the pair's lack of direction.
The immediate level of resistance is depicted by the 50-hour Exponential Moving Average (EMA) at 94.80. Near 95.00, the cross will encounter the crucial barrier. This level is the intersection of a psychological level, the 100-hour exponential moving average, and the upper channel boundary.
The cross could challenge 95.40 (14-July High) and 96.15 (23-July High) if it breaks above the latter point. The additional uptrend filter to monitor is 96.50 (27-July-High).
The region around 94.00 functions as a crucial support level for the cross, representing a psychological level and the July 17 low. Any significant follow-through selling will lead to a decline to 92.60 (the lower limit of the descending channel) from 93.30 (the low of July 12).
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