AUD/JPY Price Analysis: Plummets below Ichimoku Cloud, targets 93.00

• AUD/JPY shifts bearish, after the pair dropped more than 130 pips on Thursday.
• Daily time frame shows bears in control as Chikou Span turns bearish while Kijun-Sen crosses above Tenkan-Sen.
• Key support levels lie at 95.00 initial support, followed by 94.00 and December 7 low of 93.70, October 3 low of 93.01.

On Thursday, the AUD/JPY plummeted more than 1.30%, shifting bearish, after finally breaching the top of the Ichimoku Cloud, signaling the downtrend is gathering pace. Nevertheless, traders must be aware of solid support levels seen at around the 93.70 area, the day’s low. At the time of writing, the cross exchanges hands at 95.11.

The daily time frame portrays the bears as in charge, though registering a daily close inside the Kumo keeps up and downside risks balanced. However, the Chikou Span shifted bearishly, while the crossing of the Kijun-Sen above the Tenkan-Sen provides two signals that suggest the downtrend remains in place.

With that said, AUD/JPY's first support would be the 95.00 figure. Once cleared, the next support is seen at the 94.00 mark, followed by December’s 7 daily low of 93.70, ahead of the October 3 low of 93.01.

On the other hand, in the event of bulls lifting prices above the Kumo’s top at around 95.40/59, that could pave the way to challenge the Tenkan-Sen at 96.04

AUD/JPY Price Analysis – Daily Chart

AUD/JPY Technical Levels