AUD/JPY Price Analysis: Failure near the 50-DMA pushed the pair beneath 82.00
- The AUD/JPY advances despite a risk-off mood in the FX complex, up 0.01%.
- AUD/JPY Technical Outlook: Downward biased as long as it remains below 82.60.
On Wednesday, the Australian dollar pares losses against the low-yielder Japanese yen during the North American session. At the time of writing, the AUD/JPY is trading at 81.77.
The market sentiment in the FX complex is risk-off. The Japanese yen has strengthened as the New York session progressed. In the meantime, risk-sensitive currencies like the AUD, the NZD, and the CAD fall vs. the abovementioned.
AUD/JPY Price Forecast: Technical outlook
During the overnight session for American traders, the AUD/JPY meandered close to the 82.00 figure not reached since January 26 but failed to reclaim the abovementioned. From that point, broad safe-haven flows to the JPY, weighed on the AUD/JPY, dipping to the 200-hour simple moving average (SMA) at 81.38.
The AUD/JPY is downward biased, as depicted by the daily moving averages (DMAs), which lie above the spot price in orderly bearish form. Downwards, the first support would be February 1 daily low at 80.90. A breach of the latter would expose January 24 daily low at 80.69, followed by the YTD low at 80.36.
Contrarily, in the event of an AUD/JPY shift upwards, the first resistance would be the 50-DMA at 81.89. If the previous-mentioned level gives way for AUD bulls, the next resistance would be 82.00, followed by the confluence of the 100 and the 200-DMA lying within the 82.40-46 range.
