AUD/JPY Price Analysis: Recovers from weekly lows, hovers below 94.00
- AUD/JPY snaps five days of losses, gaining 0.20% and bouncing off a weekly low of 93.29, showing a slight upward trend.
- Technical analysis reveals neutral to bullish sentiment, with the AUD/JPY pair lingering above the Ichimoku Cloud.
- If the pair reclaims 94.00, it could aim for 94.65 and potentially reach the 95.00 mark, indicating upward momentum.
The AUD/JPY reached a weekly low of 93.29 but bounced off, snapped five days of consecutive losses on Wednesday, and gained 0.20%. As Thursday’s Asian session begins, the AUD/JPY exchanges hand at 93.95, registering minuscule losses of 0.02%.
AUD/JPY Price Analysis: Technical outlook
The AUD/JPY remains neutral to upward biased, as it remains above the Ichimoku Cloud, but turned neutral as prices fell below the Tenkan-Sen and Kijun-Sen lines. Even though the former crossed beneath the latter, the Chikou Span stays on top of prices but is about to turn bearish, which would put into consideration a possible change of the trend.
If AUD/JPY reclaims 94.00, that could open the door for a retest of the November 16 high at 94.65, ahead of the pair reaching the 95.00 mark. Once cleared, the Tenkan-Sen could be tested at 95.04, followed by the Senkou Span A line at 95.48, and then the Kijun-Sen line at 95.32.
On the flip side, if the AUD/JPY drops below the Senkou Span B line at 93.42, the weekly lows of 93.29 would be exposed. The AUD/JPY 93.00 figure would be up next. Once broken, support emerges at May 19 high turned support ate 92.35.
AUD/JPY Price Action – Daily chart
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.
