AUD/JPY Price Analysis: dropping from 94.80 with further downside on the books

• The AUD/JPY wobbled on Thursday, dipping from the open before staging a relief rally into 95.15.
• The Aussie is falling back once more, settling Thursday's trading session close to where it started.
• A bearish lean is baked into the candles heading into Asia's early market window.

The AUD/JPY kicked off Thursday trading at 94.85 before dropping into an early low of 94.31. The Aussie (AUD) then rallied against the Japanese Yen (JPY), ticking into 95.16 before seeing an intraday rejection of the 200-hour Simple Moving Average (SMA) near 95.05.

Daily candlesticks have the AUD/JPY stuck firmly in familiar congestion, with the pair trading in a constrained channel from 93.00 to 96.00 since running up the charts into 97.67 in June.

The medium-term trend is firmly planted in the midrange, with prices continuing to cycle around the 50-day SMA, with the 200-day SMA buoying bids from 92.62, providing technical support for any shifts to the downside.

AUD/JPY Hourly Chart

AUD/JPY Daily Chart

AUD/JPY Technical Levels