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