AUD/JPY Price Analysis: Hovers around new four-day high, remains subdued
- AUD/JPY reaches a new four-day high at 95.37, trading at 95.22 as the Asian session begins.
- The pair remains neutral-biased, tilted to the upside, with potential resistance at October 12 high 95.83.
- Sellers must clear the 94.96/85 area and the top of the Kumo at 94.65 to shift momentum downwards.
The AUD/JPY reached a new four-day high at 95.37 on Tuesday, registering solid gains of 0.46%. However, as Wednesday’s Asian session begins, the cross-pair exchanges hands at 95..22, down a minimal 0.04%.
The daily chart portrays the pair as neutral-biased, tilted to the upside due to remaining above the Ichimoku Cloud (Kumo), which has narrowed, as the AUD/JPY is trendless. For a bullish continuation, buyers must reclaim the October 12 high at 95.83, followed by the latest cycle high at 96.92.
On the flip side, AUD/JPY sellers would need to clear the 94.96/85 area, where the Kijun and Tenkan-Sen levels lie, followed by the top of the Kumo at 94.65. A breach of the latter and the cross would slip inside the cloud, with the following support seen at the bottom of the Kumo at 94.00, followed by the October 3 low of 93.01.
AUD/JPY Price Action – Daily chart
AUD/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
