After breaking a four-month-old upslope trendline, the AUD/JPY has fallen to new YTD lows reached on March 15 at 87.35. However, news from Switzerland sponsored a bounce off the lows, and the AUD/JPY pair closed above the 88.00 figure.
Oscillators remain bearish territory, but the Relative Strength Index (RSI) shifted flat, meaning consolidation lies ahead. In the meantime, the Rate of Change (RoC) portrays selling pressure as waning.
The AUD/JPY path of least resistance is downwards. Backed by the daily EMAs resting above the exchange rate and oscillators in bearish territory. Therefore, the AUD/JPY's first support would be the 88.00 figure. Once broken, the pair might test the YTD lows at 87.35, which, once cleared, the AUD/JPY would dive towards the December 20 swing low at 87.01, ahead of the figure.
As an alternate scenario, the AUD/JPY first resistance would be 89.00. A surge above the figure and the AUD/JPY could rally towards 90.00, ahead of testing the 20-day EMA at 90.30.
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