AUD/JPY Price Analysis: Bears catch a breath amid oversold RSI

• AUD/JPY remains in the small range below the weekly resistance line.
• The multi-year low makes buyers afraid of entry, seller awaits new lows for the fresh position.
• Japan’s inflation data failed to provide major moves as markets await Aussie employment data, RBA.

Having refreshed the 11-year low the previous day, AUD/JPY seesaws in a choppy range, currently near 62.70, by the press time of early Asian session on Thursday.

The recent inflation numbers from Japan failed to provide any major market moves as traders await Australian employment data and RBA for fresh direction.

Even so, the pair’s break of 62.25/90 range could offer intermediate moves.

Should there be an upside break, which is more likely considering the oversold RSI conditions, a descending trend line from Friday, at 63.75, can question the recovery moves.

On the contrary, a downside break below 62.25 will wait for a sustained trading past-62.00 to decline further towards the 60.00 mark.

AUD/JPY hourly chart

Trend: Bearish