AUD/JPY Price Analysis: Drops due to Japanese intervention woes – by christianborjon AUDJPY Currencies Crosses Technical Analysis
From a daily chart perspective, the pair remains upward biased, but to re-test the YTD high, AUD/JPY buyers need to conquer 97.00.The AUD/JPY dropped on Wednesday after the Japanese authorities threatened to intervene in the
Markets. So traders, aware of the verbal intervention, bought the yen to the detriment of most G8 currencies. As the Asian Pacific session begins, the AUD/JPY is trading at 96.58, slightly down by 0.02%.From a daily chart perspective, the AUD/JPY remains upward biased, with the pair bouncing off the daily low at 95.98, just above the 20-day EMA. The good news for AUD/JPY is that the cross-currency stay above the 96.
However, the AUD/JPY bias is neutral-to-downwards in the short term, with immediate resistance at the daily pivot point at 96.74. Break above will expose the 50-day EMA at 96.90, ahead of testing the psychological 97.00 figure, which is also the open of the week. Once it’s cleared, the next supply zone would be the confluence of the 20-EMA and the R1 daily pivot at 97.48.
On the other hand, the AUD/JPY first support would be the 96.00 psychological figure. A breach of the latter will expose the S1 daily pivot at 95.85, followed by the S2 pivot point at 95.12, ahead of the 200-EMA at 94.82.
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