AUD/JPY Price Analysis: China-inspired optimism defends buyers past 95.00 key support

AUD/JPY pushes back bearish bias after snapping two-day winning streak the previous day.
Convergence of key EMA, two-week-old rising support line appears a tough nut to crack for sellers.
China policymakers pledge more stimulus to defend the dragon nation, PBoC keeps Yuan afloat.

Anil Panchal FXStreet

AUD/JPY clings to mild gains above 95.00 as it cheers China-linked risk-on mood during early Tuesday. In doing so, the cross-currency pair defends the previous day’s rebound from a convergence of the 50 and 100 Exponential Moving Average (EMA), as well as a two-week-long rising trend line.

Also read: USD/CNH slides to 7.1500 as PBoC defends Yuan, China stimulus loom

Apart from that, the upbeat RSI (14) line, not overbought, also underpins bullish bias about the AUD/JPY pair.

However, a downward-sloping resistance line from June 18, close to 95.70 at the latest, seems a strong hurdle for the bulls to cross for conviction.

Following that, the monthly high surrounding 96.85 and the yearly peak marked in June surrounding 97.70 will be in the spotlight.

In a case where the AUD/JPY remains firmer past 97.70, the previous yearly top of around 98.60 and the 100.00 psychological magnet could lure the bulls.

Meanwhile, a downside break of the 95.00 support confluence comprising the aforementioned key EMAs and the trend line could drag the quote toward the 50% Fibonacci retracement of the May-June upside, close to 93.95.

However, the monthly low and the 61.8% Fibonacci retracement, respectively near 93.30 and 93.10, adjacent to the 93.00 round figure, will test the AUD/JPY bears afterward.

AUD/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	95.38
Today Daily Change	0.04
Today Daily Change %	0.04%
Today daily open	95.34

Trends
Daily SMA20	95.27
Daily SMA50	94.18
Daily SMA100	91.78
Daily SMA200	91.93

Levels
Previous Daily High	95.53
Previous Daily Low	94.88
Previous Weekly High	95.79
Previous Weekly Low	93.78
Previous Monthly High	97.68
Previous Monthly Low	90.3
Daily Fibonacci 38.2%	95.12
Daily Fibonacci 61.8%	95.28
Daily Pivot Point S1	94.97
Daily Pivot Point S2	94.6
Daily Pivot Point S3	94.32
Daily Pivot Point R1	95.62
Daily Pivot Point R2	95.9
Daily Pivot Point R3	96.28

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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