AUD/JPY Price Analysis: On its way down to 72.60

• AUD/JPY seesaws near three-week low.
• A sustained break of the previous support, 200-day SMA keep sellers hopeful.
• An ascending trend line from October 2019 acts as the near-term key support.

AUD/JPY stays in the choppy range between 73.05 and 73.17, currently at 73.10, amid the initial Asian trading hours on Tuesday. In doing so, the quote nears the lowest levels last seen on February 04 while keeping its fall below 200-day SMA and an ascending trend line from September 2019.

As a result, the bears are aiming for further downside, which in turn highlights a rising support line from October around 72.60 as the near-term strong support. However, sellers will wait for the lows below 73.00 round-figure for fresh entry.

Should AUD/JPY prices remain weak below 72.60, 72.00 and October 2019 bottom close to 71.70 will be in focus.

On the upside, 200-day SMA and the aforementioned support-turned-resistance can question the pair’s short-term pullbacks around 74.20 and 74.75.

Also challenging the bulls is a downward sloping trend line connecting highs marked during December 2019 and January 2020 that stands around 75.70 now.

AUD/JPY daily chart

Trend: Bearish