AUD/JPY Price Analysis: Pair drops to around 107.00, bearish outlook ahead

• 
  AUD/JPY
  declines
  to
  107.10
  while
  holding
  just
  above
  the
  20-day
  SMA
  support.
• 
  A
  bearish
  outlook
  looms
  for
  the
  next
  few
  sessions,
  following
  a
  substantial
  dip
  from
  Thursday.

In
Friday’s
trading
session,
a
downward
turn
was
observed
for
the
AUD/JPY
pair
as
it
dipped
by
0.23%
to
reach
107.10.
This
indicative
decline
marks
a
notable
shift
from
the
previous
session’s
buoyancy,
which
saw
the
pair
above
the
109.00
mark.
Present
circumstances
suggest
a
bearish

outlook
for
the
next
few
sessions,
as
it
turns
evident
that
the
sellers
have
found
their
footing.

The
daily
Relative
Strength
Index
(RSI)
for
the
AUD/JPY
marked
a
significant
dip
from
Thursday’s
79
to
54,
drifting
even
near
into
negative
territory.
This
trend
shift
hints
at
a
weakening
upward
momentum,
potentially
signifying
more
bearish
days
ahead.
In
concert
with
this,
the
Moving
Average
Convergence
Divergence
(MACD)
demonstrates
rising
red
bars.

AUD/JPY
daily
chart

Looking
at
the
broader
perspective,
the
AUD/JPY
still
displays
signs
of
possible
bearish
sentiment,
given
its
position
just
slightly
above
the
20-day
SMA
support
at
107.10.
In
case
of
further
downward
action,
immediate
support
levels
at
107.00
and
106.00
are
key
areas
to
watch.
However,
to
avert
further
potential
losses,
buyers
must
target
a
recovery
that
extends
towards
the
108.00
barrier.