AUDJPY Stabilizes Near 6-Month Low; Outlook Still Negative

Technical analysis of Forex market

AUDJPY touched a 6-month low of 73.90 last week, with price action taking place below both the 50- and 200-day simple moving averages (SMAs). Additionally, the price structure consists of lower highs and lower lows, confirming that the broader downtrend remains intact – even if oscillators like the RSI suggest that the latest rebound may continue for now.

Another wave of selling could find initial support around 73.90, where a downside break may open the door for 72.40, this being the 2016 low.

On the flipside, a recovery in the pair may meet resistance near the June 10 high of 76.00, with a move above that barrier turning the focus to the 50-day SMA at 76.56. Even higher, the 77.50 zone would come into view.

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In brief, the bigger picture is firmly negative, though the rising RSI suggests that the current correction may continue in the very short term.

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