AUD/JPY Price Analysis: Bears look to previous resistance line below 81.00

• AUD/JPY drops for fourth consecutive day, refreshes intraday low.
• Downbeat Momentum line, failures to rebound from short-term support keep sellers hopeful.
• 21-DMA, 61.8% Fibonacci retracement guards immediate upside, 100-DMA becomes the key resistance.

AUD/JPY takes offered to refresh intraday low to 80.63 during the four-day downtrend amid early Tuesday. The cross-currency pair recently reacted to the Reserve Bank of Australia’s (RBA) Monetary Policy Meeting Minutes.

Read: RBA Minutes: Board is committed to maintaining highly supportive monetary conditions

In doing so, the quote stays below a convergence of the 21-DMA and 61.8% Fibonacci retracement (Fibo.) of August-October upside, near 81.10.

Given the descending Momentum line and risk-off mood, also the failures to keep the break of the previous resistance line from November, the AUD/JPY prices are likely to remain bearish until staying below 81.10.

Even if the quote rises past 81.10, the 100-DMA and 50% Fibo. respectively around 81.80 and 82.10, will be crucial for the bulls.

Meanwhile, further weakness will aim for the stated resistance-turned-support line, near 80.40, as well as the 80.00 threshold.

During the quote’s weakness past 80.00, the monthly low of 78.80 may challenge the AUD/JPY bears.

AUD/JPY: Daily chart

Trend: Further weakness expected