AUD/JPY Technical: Bulls got stalled again at 200-day MA

The recent 460 pips rally of the AUD/JPY from its 26 April 2023 minor swing low of 87.87 has stalled at the key 200-day moving average again (now acting as a resistance at around 91.95), thrice so far (on 2 May, 19 May & 23 May) since it’s corrective medium-term up move from 24 March 2023 swing low of 86.06.

In the longer term, the price actions of AUD/JPY are likely considered to be still evolving in a major downtrend phase as it continues to oscillate within a major descending channel in place since its 13 September 2022 high of 92.01.

Short-term downside momentum seems to have resurfaced as observed by the 4-hour RSI oscillator where it has just started to inch down right below a corresponding resistance at the 67% level. The near-term support to watch will be at 90.70 followed by 87.80 (the 11 May swing low & the ascending trendline that is supporting the current corrective medium-term up move since the 24 March 2023 low).

On the flip side, clearance above the 92.70 key medium-term pivotal resistance invalidates the bearish tone to see the next resistance coming in at 95.55 (swing high areas of 21 October/1 November 2022 & close to the 76.4% Fibonacci retracement of the multi-month down move from 13 September 2022 high to 24 March 2023 low.