AUD/JPY Price Forecast: Attracts some sellers below 98.00 amid intervention fears

• AUD/JPY tumbles to around 97.95 in Tuesday’s early European session, down 0.25% on the day. 
• The cross keeps the negative view below the 100-day EMA with the bearish RSI indicator. 
• The first downside target is seen at 96.00; the first upside barrier emerges at 98.74. 

The AUD/JPY cross attracts some sellers to near 97.95 during the early European session on Tuesday. The Japanese Yen (JPY) edges higher after the verbal intervention from the Japanese authorities. Japan’s Finance Minister Katsunobu Kato said on Friday that they “will take appropriate action against excessive moves.”

According to the daily chart, AUD/JPY remains capped under the key 100-day Exponential Moving Averages (EMA), suggesting that the path of least resistance is to the downside. The downward momentum is reinforced by the Relative Strength Index (RSI), which stands below the midline near 48.00, supporting the sellers in the near term. 

The lower limit of the Bollinger Band and round mark at 96.00 act as an initial support level for the cross. A breach of this level could see a drop to 94.78, the low of September 6. Further south, the next contention level to watch is 93.59, the low of September 11. 

On the bright side, the first upside barrier emerges at 98.74, the high of December 19. The additional upside filter to watch is 99.25, the 100-day EMA. The 100.00 psychological level appears to be a tough nut to crack for bulls.  

AUD/JPY daily chart