AUDJPY Price Analysis: Nears a wall of resistance around 94.30 with eyes on Aussie jobs report
- AUDJPY remains sidelined after reversing from one-week high.
- 21, 50 and 100 DMAs constitute the 94.30 key hurdle ahead of the two-month-old resistance line.
- Bearish MACD signals, pullback from important resistance levels keep sellers hopeful of retesting monthly horizontal support area.
AUDJPY treads water around the 94.00 threshold, after reversing from crucial resistances the previous day, as traders await Australia’s monthly employment data on Thursday.
That said, the cross-currency pair reversed from the two-month-old resistance line, as well as a convergence of the 21, 50 and 100 DMAs, on Wednesday.
Given the bearish MACD signals, the quote is likely to stay on the seller's radar should the Aussie job numbers disappoint. Even if the scheduled employment numbers arrive stronger, there prevails a bumpy road to the north that makes AUDJPY buyers less interested.
With this, the bears could again aim for the one-month-old horizontal support area between 93.00 and 92.90. However, the 200-DMA support of 92.30 could challenge the pair’s further downside.
On the flip side, the aforementioned DMA confluence near 94.30 is a tough nut to crack for the AUDJPY bulls ahead of the downward-sloping resistance line from September, near 94.60.
In a case where the quote rises past 94.60, the monthly high near 95.55 and the previous month’s peak surrounding 95.75 could challenge the pair’s further upside.
AUDJPY: Daily chart
Trend: Further weakness expected