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Market News Analysis of the AUD/JPY Price: It Falls More Than 1% As a Bearish Engulfing Pattern Materialises; Bears Are Aiming For 93.00

Analysis of the AUD/JPY Price: It Falls More Than 1% As a Bearish Engulfing Pattern Materialises; Bears Are Aiming For 93.00

During the Asian session, the AUD/JPY pair experienced a significant decline, trading at 94.57. On the daily chart, a bearish engulfing candlestick pattern indicates possible further declines. Critical levels of support and resistance are delineated in the face of the dominant adverse bias.

TOP1 Markets Analyst
2023-10-13
6594

 AUD:JPY 2.png

 

Investors speculated that the US Federal Reserve (Fed) might raise interest rates prior to the end of 2023, which would be a headwind for risk-averse currencies such as the Aussie Dollar (AUD), and AUD/JPY fell more than 1% on Thursday. As a result, the cross-pair maintains its losses and trades at approximately 94.57 at the start of the Asian session.

 

The pair is neutral to downwardly biassed on a daily chart; as a result of escalating aggressive selling pressure on Thursday, it formed a bearish engulfing candlestick pattern comprised of the entire week's price action. Nevertheless, the AUD/JPY could reach new lows below 94.00.

 

The initial support for the AUD/JPY pair would be the Ichimoku Cloud (Kumo) near 94.10/30; once cleared, it would reveal the psychological 94.00 level. If that level is breached, the subsequent area of demand to examine would be the October 3 swing low of 93.01, prior to the pair's decline towards the July 28 swing low of 91.79.

 

In contrast, should AUD/JPY maintain its position above 94, the initial obstacle would be the Kijun-Sen at 94.97, followed by an ascent above 95.00. Following a rally above that level, the July 3 high of 96.83 would be the next target.

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