The AUD/JPY pair has resumed its decline, falling to 105.25, one of the lowest levels in over a month. This comes after a brief recovery on Thursday, suggesting that the rebound may have been more corrective than a trend reversal. This decline reinforces the negative outlook for the pair, with a 1.60% weekly loss expected. The daily RSI for AUD/JPY is currently at 42, indicating a continuation of the negative momentum, supported by the MACD indicator showing rising red bars.
In the broader picture, AUD/JPY’s short-term bearish trajectory remains intact, with the price below the 20-day SMA. Immediate support levels are around 105.00, which needs to hold to prevent a deeper correction. To reduce potential losses, bulls need to push for a recovery towards 106.00 and 106.50. The overall outlook for AUD/JPY remains negative, with selling pressure expected to continue in the near term.
Looking ahead, traders will be closely watching key support levels and any signs of a reversal in the bearish trend. The AUD/JPY pair is currently facing strong selling pressure, with the bearish momentum likely to continue. Traders should also keep an eye on any developments in the broader market, as global economic indicators can significantly impact the AUD/JPY pair’s movement.
In conclusion, the AUD/JPY pair has resumed its decline, signaling a continuation of the bearish trend. With key support levels in focus, traders will be monitoring developments closely to gauge the strength of the selling pressure. While there may be opportunities for corrective rebounds, the overall outlook for AUD/JPY remains negative. As traders navigate the market conditions, it is crucial to stay informed and adapt strategies accordingly to maximize trading opportunities.
