AUD/JPY Price Analysis: Recovers from last week’s lows, faces resistance at 95.00
- AUD/JPY rises to a two-day high of 94.90, though it remains in a consolidation phase, with a mild bullish bias above the Ichimoku Cloud.
- Immediate resistance set at the 95.00 level; surpassing this could challenge the 96.00 mark.
- Support levels to watch include the top of the Kumo at 94.31 and the psychological 94.00 mark.
AUD/JPY bounced off last week’s lows, confluence with the bottom of the Ichimoku Cloud (Kumo) at around 94.00, and rose to a two-day high of 94.90 on Monday amidst a risk-on impulse. As Tuesday’s Asian session begins, the pair exchanges hands at 94.78, dips a minimal 0.03%.
the AUD/JPY pair remains in consolidation, unable to break below/above the 93.00/96.40 range, though as price action remains above the Kumo, the bias is mildly bullish. Therefore, the first resistance would be the 95.00 figure. A breach of the latter would expose the psychological 96.00 mark, followed by the top of the aforementioned resistance level at 96.40 and the year-to-date (YTD) high of 97.67.
On the flip side, the AUD/JPY first support would be the top of the Kumo at 94.31, followed by the 94.00 figure. Once cleared, the cross would die towards the October 3 daily low of 93.01.
AUD/JPY Price Action – Daily chart
AUD/JPY Key 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.
