AUD/JPY Price Analysis: Bulls remain hopeful of craking 83.00 after reclaiming the 100-DMA

The Australian dollar continues its weekly rally vs. the Japanese yen, up 1.79% in the week.
US equity indices finished Wednesday’s trading session with gains between 0.86% and 2.10%.
AUD/JPY Technical Outlook: An upside break above 83.00 could pave the way towards 85.00.

Christian Borjon Valencia FXStreet

The AUD/JPY extends its gains during the week rallies for the third straight day, taking advantage of an upbeat market mood. At the time of writing, the AUD/JPY is trading at 82.97.

Wall Street finished Wednesday’s trading session with gains, portraying the market player’s sentiment. The Nasdaq Composite rose 2.10%, up to 15.056.96, followed by the S&P 500, which jumped 1.45% towards 4,587.18, and the Dow Jones Industrial advanced 0.86%, closed at 35,768.06.

In the FX complex, risk-sensitive currencies posted gains led by antipodeans (NZD and AUD), the CAD, and the EUR, while safe-haven peers slid.

AUD/JPY Price Forecast: Technical outlook

On Tuesday’s article mentioned that “the AUD/JPY broke a bullish flag to the upside, though the 100-DMA capped the move.” Nevertheless, on Wednesday, AUD bulls reclaimed the 100-day moving average (DMA) at 82.56, sending the AUD/JPY near the 83.00 figure. Furthermore, a daily close above the aforementioned has been confirmed, confirming the shift to a neutral-bullish bias.

The AUD/JPY first resistance will be the 83.00 figure. An upside break would expose the four-month-old downslope trendline around the 83.25-40 range, followed by the January 5 daily high at 84.30 and then the 85.00 psychological figure.

On the flip side, failure at 83.00 could pave the way for further downward pressure in the cross-currency pair. The first support would be 82.00, extending the drop top-trendline of the bullish flag, viewed as a false breakout. A crackdown of the 82.00 mark would expose January 24 daily low at 80.69, followed by January 28 at 80.36.

AUD/JPY

Overview
Today last price	82.98
Today Daily Change	0.42
Today Daily Change %	0.51
Today daily open	82.56

Trends
Daily SMA20	81.97
Daily SMA50	81.99
Daily SMA100	82.54
Daily SMA200	82.45

Levels
Previous Daily High	82.56
Previous Daily Low	81.94
Previous Weekly High	82.29
Previous Weekly Low	80.55
Previous Monthly High	84.3
Previous Monthly Low	80.37
Daily Fibonacci 38.2%	82.32
Daily Fibonacci 61.8%	82.18
Daily Pivot Point S1	82.14
Daily Pivot Point S2	81.73
Daily Pivot Point S3	81.52
Daily Pivot Point R1	82.76
Daily Pivot Point R2	82.97
Daily Pivot Point R3	83.38

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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