• AUD/JPY takes offers to refresh two-month low during four-day downtrend.
• 200-DMA, multiple levels marked since late March challenge further downside.
• Buyers remain absence below monthly resistance line, bearish MACD signals favor sellers.

AUD/JPY bears renew the two-month low as they poke 91.15 level heading into Tuesday’s European session. In doing so, the cross-currency pair drops for the fourth consecutive day.

The pair’s latest weakness justifies the bearish MACD signals but the 200-DMA level near 90.70 and multiple supports around 90.50-40 could challenge the quote’s further downside.

In a case where the AUD/JPY sellers dominate past 90.40, then the yearly support line near 87.45 and May’s low of 87.30 will gain the market’s attention.

Following that, the October 2021 peak near 86.25 could challenge the pair’s further declines.

Alternatively, recovery moves can aim for September’s low near 92.15 but the bears can keep the reins unless the AUD/JPY pair remains below a one-month-old resistance line, close to 93.85 at the latest.

If the quote rises past 93.85, the monthly high near 94.70 could probe the upside momentum before welcoming the bulls.

Overall, AUD/JPY remains on the bear’s radar but the downside room appears limited.

AUD/JPY: Daily chart

Trend: Limited downside expected