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AUD/JPY: Relief rally falters at 200-day EMA, downside risks remain

FXStreet (Bali) - AUD/JPY saw heavy selling since mid Tokyo on Tuesday, with bearish dynamics being re-established leading to a retest of 93.00 bids from a 94.50 high, with current price seeing a modest rebound towards 93.20/30.

The daily shows a bearish engulfing bar, communicating that this market remains a clear sell on strength, with Tuesday's sales initiated at a key flip zone, also well protected by the 200-day EMA, crossing at the exact same level.

Going forward, a break of 92.90/93.00 should see losses accelerate, allowing a test of 92.20/92.00 (61.8 fib retrac 88-98 rally and round number), while on the upside, as long as 94.50 remains safe, bears should remain in control.

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