AUD/JPY experienced a sharp drop on Tuesday, reaching its lowest level since August 2024 before bouncing back. The pair came under renewed selling pressure ahead of the Asian session but found strong support near the 92.00 region, leading to a mild recovery. Despite the brief bounce, bearish sentiment persists, with technical indicators still favoring downside risks.
The Relative Strength Index (RSI) continues to decline sharply within oversold territory, suggesting that sellers have dominated recent price action. Meanwhile, the Moving Average Convergence Divergence (MACD) prints decreasing red bars, signaling that selling momentum may be losing intensity. The latest price reaction hints at a possible consolidation phase, as sellers struggle to push lower.
Looking at support and resistance levels, immediate resistance stands near 92.60, followed by the 93.00 zone, which aligns with previous daily highs. On the downside, the recent low near 92.00 remains key support; a decisive break below this level could open the door for further losses. However, if consolidation takes hold, the pair may trade within a narrow range before its next directional move.
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