The AUD/JPY pair maintains its downward trend from the previous session and continues to trade lower.
In the price band between 82.80 and 84.20, price moves in a wider trading range.
With a negative bias, the momentum oscillator stays onto the oversold zone.
In the Asian session on Wednesday morning, the Australian dollar fell against the Japanese yen. The pair remained under pressure after sliding sharply from a high of 84.19 in the previous trading session.
The AUD/JPY currency pair is currently trading at 82.79, down 0.20 percent on the day.
For the previous two weeks, the AUD/JPY has been trading in a price band between 82.80 and 84.20 on the daily chart.
If price falls below the intraday low of 82.69, it may try the 82.50 horizontal support level before testing the June 21 low of 82.13.
With a bearish crossover, the Moving Average Convergence Divergence (MACD) indicator is in the oversold zone. Any drop in the MACD could amplify the bearish trend.
Bears in the AUD/JPY would look to test the 81.99 level, which was reached on February 26.
Alternatively, if price reverses course, it might return to the 83.00 horizontal resistance level, then to the 83.35 high set on June 30.
A daily close above 83.35 would allow the 83.50 horizontal resistance area to open up./n
