Published: 2025-03-07T08:18:27.000Z
Chart AUD/JPY Update: Under pressure, focus return to 91.85 low
Technical Analyst
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No follow-through on break above the 94.30 congestion as corrective bounce met with selling pressure at the 94.70 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 96.00/05 | ** | congestion, 17 Jan low | S1 | 93.00 | * | congestion | |
| R3 | 95.50 | * | Dec low | S2 | 91.85 | ** | 4 Mar YTD low | |
| R2 | 95.00 | * | congestion | S3 | 90.12 | ** | Aug 2024 year low | |
| R1 | 94.30 | * | congestion | S4 | 89.16 | * | 4 May 2023 low |
Asterisk denotes strength of level
08:15 GMT - No follow-through on break above the 94.30 congestion as corrective bounce met with selling pressure at the 94.70 high. Pullback see pressure returning to the 93.00 congestion where break will open up the 92.00 level and 91.85 low to retest. Bearish structure from the November high suggest break of these to open up the 2024 year low at 90.12 to retest and where break will further retrace the 2020/2024 rally. Meanwhile, resistance at the 94.30/94.70 area now expected to cap and sustain losses from the 97.30 high of February.