- AUD/JPY maintains a muted tone in the Asian session.
- Potentially more gains on the way if price breaks above 84.65.
- Momentum oscillator hints at upward price movement.
The AUD/JPY cross makes efforts to stay afloat on the last trading day of the week. The pair opened on a lower lot, yet managed to trace back to the previous day highs near 84.65.
At the time of writing, AUD/JPY is trading at 84.53, down 0.03% on the day.
AUD/JPY daily chart
-637571551838309993.png)
On the daily chart, AUD/JPY has been consolidating near the 50% Fibonacci retracement at 84.63. If price breaks the mentioned level, then the first hurdle could be located at the Wednesday’s high at 84.95. On moving higher, price would attempt to retest the May 12 high placed at 85.26.
The price action would then mark the completion of the 23.6% Fibonacci retracement and would approach the next upside target at the 85.50 horizontal resistance level.
Alternatively, the Moving Average Convergence Divergence (MACD) indicator reads above the midline with receding upside momentum. If any downtick occurs in the oscillator then it would invite the sellers to take over the previous day’s low at 84.24, just above the 50-day Simple Moving Average (SMA) at 84.21.
A break below the 50-SMA would prompt the bears to retest the May 4 low at 83.93. On the downside, price would move into the trajectory of the levels last seen in late April. The next area of support would be the April 21 low at 83.22.
AUD/JPY Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.