The AUDJPY is down sharply today (down -4.88% to be exact). That move has taken the price below the swing low from May 2022 at 87.29 and down to a low of 87.01. That low was within 16-17 pips of the rising 100 week moving average currently at 86.844. The price of the AUDJPY has not been below the first week of November 2020.
The current price is back trading at the 87.29 level which is right at the May 22 low price. Can the sellers keep the pressure on and keep pushing toward that 100 week moving average? Or, has the price gone far enough for now?. Move above 87.29 could see more buyers in the short term.
Conversely move below the 100 week moving average and traders would start to look toward the swing highs from 2021 along with the 61.8% retracement of the move up from the 2021 low. That level comes in at 85.93.